"Shares in state-controlled PKO BP, Poland’s largest bank, gained 2.8 per cent on Thursday following its 2.83bn zloty ($887m) purchase of the Polish assets of Swedish bank, Nordea.
The bank said it was not planning any more acquisitions on its home market. “We currently do not forsee any further desire to participate in a similar event,” PKO’s CEO, ZbigniewJagiello, told a news conference.
The acquisition of Nordea’s banking, life insurance and financing businesses in Poland will strengthen PKO’s already dominant position on the local market but also increase its exposure to mortgages denominated in foreign currencies. Loans in either Swiss francs or euros were enormously popular among Poles before the economic crisis of 2008 because they were much more attractive than high-interest zloty loans."
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