Bank Zachodni and Kredyt Bank, now owned by the Santander group, have begun their integration following the recent merger of their operations which was lodged with the National Court Register.
Both banks have been very active in the structured product market over the last few years, offering their own products and also acting as a third party distribution agent.
According to documents submitted to the regulator, both firms will operate under the Bank Zachodni WBK brand. The name Kredyt Bank will be used as a trademark for products and services offered by Bank Zachodni WBK, including its structured investment offerings.
The merger of the two banks has resulted in the creation of the third largest bank in Poland in terms of assets, credit book and deposits. Bank Zachodni WBK will have a network of around 1,000 outlets and will service 3.5m Polish clients.
Kredyt Bank, formerly part of KBC, was sold to Santander in February 2012 in order to repay government aid received by the Belgian firm.
Kredyt Bank has been distributing structured products wrapped in various form since 2001, 68 in-house deposits, 49 Warta life insurance products and 71 KBC funds. Its current series of short-term FX-linked deposits are similar to ones offered by Bank Zachodni.
It is not yet clear if Kredyt Bank will adopt Bank Zachodni WBK's product offering, or if it will use a different brand name.