Bank Pekao SA and U.S.-based Apollo Global Management Inc. submitted nonbinding bids for the purchase of Commerzbank AG's Polish unit mBank SA, Rzeczpospolita reported Jan. 18, citing Bloomberg.
Crédit Agricole SA and PKO Bank Polski SA are also expected to file bids, but the latter will most likely refrain from submitting an offer until its upcoming supervisory board meeting, the newspaper noted.
ING Groep NV and BNP Paribas SA were also mentioned in the past as contenders for mBank, but they are unlikely to file bids, according to Rzeczpospolita. Erste Group Bank AG, which was also among potential buyers, recently said it had no plans to bid for mBank due to the "complexity of the deal structure" and "limited synergies" of the Polish lender with its existing operations.
Commerzbank reportedly started accepting nonbinding offers for its Polish subsidiary on Jan. 15, with binding offers to be submitted at the end of March or in April, after initial bidders finalize due diligence activities at mBank, Rzeczpospolita said.