Growing organically and through acquisitions
Alior Bank (ALORY) has grown in the years through acquisitions of Meritum Bank in 2015 and Bank BPH in 2016. The latest merger with the de-merged operations of Bank BPH went through successfully. Integration costs were less than expected, synergies greater than expected and the bank now expects synergistic benefits to come in 2018, one year earlier than expected. Alior Bank is now itself a possible acquisition target for Bank Pekao SA although this has not been finalized.
The synergies of the merger augur well for profit margins in the