Polish PKO BP CEO: Interested in Buying Rival Bank Millennium -Report

   By Patryk Wasilewski 
 

WARSAW--Poland's largest bank by assets, state-owned Powszechna Kasa Oszczednosci Bank Polski S.A. (PKO.WA), would be interested in buying smaller rival Bank Millennium (MIL.WA), PKO BP's chief executive told the Rzeczpospolita daily Thursday.

Mr. Jagiello also said PKO BP, which recently renewed its attempt to take over the niche Post Bank, hasn't filed an offer for Millennium.

"Taking over a bank with a strong presence in the largest cities and a well-developed presence among wealthy clients has a business rationale," Mr. Jagiello said. "Millennium potentially meets all these criteria and its takeover would end a need for further takeovers in coming years."

Millennium, owned by Portugal's Banco Comercial Portugues S/A (BCP.LB), has been rumored to be for sale in the past, with the Portuguese bank even temporarily admitted its Polish arm was not an essential part of the business.

Mr. Jagiello said there are other potential takeover targets in the Polish market, but declined to name them.

Write to Patryk Wasilewski at [e-mail]

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