Poland-based Bank Pocztowy to absorb its digital brand EnveloBank

Bank Pocztowy SA will take over clients of its digital banking platform EnveloBank, with the client migration process to be completed in August 2021.

Pocztowy plans to merge its digital banking products and services with those offered by EnveloBank under one brand. The EnveloBank brand will disappear from the market after the merger and its advanced mobile solutions will serve as a technical base for Pocztowy's retail banking products.

The brand merger and client migration are part of Bank Pocztowy's long-term digital transformation strategy focusing on the development of mobile and internet banking products and services, the Polish lender noted in its Feb. 23 filing.