STOCKHOLM, Sweden, Sept. 24, 2002 (PRIMEZONE) -- Nordea has signed conditional share purchase agreements with Polski Koncern Naftowy Orlen S.A., Energetyka Poznanyska S.A. and KWB Belchatow S.A. to purchase 37.2 percent of the shares in the Polish bank, LG Petro Bank. Nordea now has unconditional acceptances for 91.5 percent of the shares and anticipates announcing the tender offer for all outstanding shares in LG Petro Bank as soon as possible in accordance with the conditional share purchase agreement with LG of Korea entered into on May 7, 2002.
"These agreements mean that we are close to finalising the full purchase of LG Petro Bank," said Thomas Neckmar, EVP, Head of Nordea in Poland and the Baltic countries.
LG Petro Bank S.A. is among Poland's 20 largest banks with a customer base of more than 160,000 private individuals and several of Poland's largest corporations. The bank is represented in all major Polish cities via a network of 29 branches and 17 mortgage outlets served by 800 employees. Nordea's current presence in Poland is via Nordea Bank Polska (formerly BWP-Unibank and Bank Komunalny).
"We plan to rapidly integrate LG Petro Bank with Nordea Bank Polska strengthening our position as the leading Nordic bank in Poland, serving Nordic, international and domestic corporations, their employees and other private individuals through a nationwide branch network offering a complete range of locally adapted products," said Thomas Neckmar.
Nordea will after the transaction rank among the 15 largest financial services providers in Poland. The new group will have a total of 50 branches and 17 mortgage outlets, covering all major Polish cities.
Subject to fulfilment of certain formal conditions according to the agreement with LG of Korea, Nordea anticipates to launch a tender offer at PLN 21 per share as soon as possible and the total consideration for all outstanding shares will amount to PLN 467m (EUR 115m). The tender offer is conditional on 90 percent acceptance.
For further information:
Thomas Neckmar, EVP, Head of Nordea in Poland and the Baltic countries,+46 8 614 79 30
Erik Evren, Head of Group Media Relations, +46 8 614 8611
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