Nordea Bank pullls out of Poland
Nordea Bank of Sweden has decided to sell its Polish bank, finance and life insurance operations to PKO Bank Polski for 694 miljoner euro, the equivalent of roughly SEK 6 billion, according to financial dailly Dagens Industri.
Nordea is currently the twelth largest bank in Poland. Christian Clausen, the CEO of Nordea, explained that this is too small on the consolidating Polish market:
"The competitive landscape will change in favour of large banks with scale in the market," Clausen said in a press release.