WARSAW - Citigroup Inc. said Thursday that it wants to merge its Polish unit, Citibank Poland SA, with Bank Handlowy SA, the third-biggest Polish bank by assets.
The statement came after the New York financial services company's got approval from Poland's securities regulator to take a majority stake in Handlowy. On Wednesday the central bank cleared Citigroup to take as much as 66%, or $640 million, of Handlowy.
Citigroup wants to form a single institution under the name Bank Handlowy Warszawie SA. It would trade on the Warsaw Stock Exchange, Citigroup said.