Idea Bank to merge with Getin Noble Bank to create 7th biggest Polish bank.

Poland’s Idea Bank has agreed to buy rival Getin Noble Bank in an all-share deal to create the country’s 7th largest bank. The banks said in a joint statement that Getin shareholders would receive 0.185 new Idea shares for each of their Getin stock. They will aim to achieve synergies of 370m zlotys ($98m) in 2019-2021, and annual synergies of 180m ($48M) zlotys starting from 2021. Total integration costs will amount to 220m zlotys ($58m), the banks said. The deal is expected to close in the third quarter of 2019.