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DZ Bank to exit Poland


2011-02-14



DZ Bank, the German cooperative banking group, is the latest foreign financial services institution to announce the sale of its Polish assets. The company has retained Credit Suisse, the Swiss investment bank, to assist in finding a buyer.

DZ Bank lost more than €1bn during the global crisis, which forced a rethink of its strategy and led to a decision to focus on the domestic market.

Several foreign banking groups, most recently Allied Irish Banks and Greece’s Eurobank, have decided to sold (stakes in) their Polish businesses to shore up their balance sheets. Given the resilience of the Polish economy and the strong competition in the country’s banking sector, these companies may hope to achieve relatively high valuations for their Polish holdings.



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