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Erste Group withdraws interest in Commerzbank's Polish unit mBank

Erste Group Bank AG has ruled out making an offer for Commerzbank AG's Polish subsidiary mBank SA, Reuters reported.

A spokeswoman for the Austrian bank said its decision to not submit a nonbinding offer for mBank was due to the "complexity of the deal structure" and "limited synergies" of the Polish lender with its existing operations, according to the report.

Commerzbank is looking to sell its 69.3% stake in mBank by the end of 2020, with PKO Bank Polski SA and a consortium comprising Polish insurer Powszechny Zakład Ubezpieczeń SA and unit Bank Pekao SA expected to make initial offers by mid-January. France's Crédit Agricole Group is also expected to launch a bid.