Bloomberg News

Bank Zachodni CEO Sees 12% Cost Savings From KBC Unit Takeover

February 28, 2012

Bank Zachodni SA’s merger with Kredyt Bank SA (KRB) will cut costs at the banks’ combined operations by 12 percent in 2015, Chief Executive Officer Mateusz Morawiecki said today on TVN CNBC in Warsaw.

Banco Santander SA (SAN), whose 96 percent stake in Zachodni will drop to 77 percent after the latter’s takeover of Kredyt Bank from Belgium’s KBC Groep NV (KBC), will build up the merged lender as a hub for its operations in central and eastern Europe, Morawiecki told the broadcaster in an interview.

Santander will also analyze whether to rebrand Bank Zachodni, he said.

To contact the editor responsible for this story: David McQuaid at dmcquaid1@bloomberg.net


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