Rumors had circulated that the firm, which is owned by financial tycoon Leszek Czarnecki, could make an acquisition, but news of the intra-capital-group fusion was generally unexpected.

According to a statement released by Getin Holding, the purpose of the merger is the “further dynamic development of both banks and entry into the top five banks active in Poland.” Based on banking-sector results for Q1-Q3 of 2008, the combined institution would have been among the top 10 banks in Poland in terms of both net profit and total assets.

The new firm will be a universal bank offering financial credit, saving and investment products for both individual and corporate clients.

The market’s reaction to the news was not positive – when the market closed last Wednesday, after the merger was announced, Getin Holding had lost 3.4 percent and Noble Bank almost 12 percent. The two finished the week down 4.3 percent and 13.7 percent, respectively.

Analysts’ reactions in the press ranged from strongly negative to cautiously neutral. One suggested that shareholders of Noble Bank, the acquired entity, would lose out; another said the newly fused bank could itself become a takeover target.