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Bank Millennium completes legal merger with SocGen's former unit

Millennium BCP unit Bank Millennium SA finalized its legal merger with Euro Bank SA having secured relevant approvals from shareholders and the Polish Financial Supervision Authority.

The operational merger of the two Polish banks will be completed by Nov. 11 and will involve rebranding and the migration of customers into a single banking system.

The merged bank's total assets will amount to around 100 billion Polish zlotys, while return on equity is expected to be approximately 20% higher compared with the current level, Bank Millennium said Oct. 1.

The lender's CEO Joao Bras Jorge said synergies from the merger will help the bank boost its interest margin and reach a targeted annual net profit of 1 billion zlotys within one or two years.

Bank Millennium agreed to purchase Euro Bank from Société Générale SA in November 2018, and the transaction was completed in May 2019.

As of Oct. 2, US$1 was equivalent to 3.98 Polish zlotys.