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Poczta Polska spokesperson Zbigniew Baranowski said Tuesday the board has instead adopted a proposal for cooperation with PKO BP, while preserving the bank’s current share structure.

According to Mr Baranowski, the Polish Post management believes keeping Bank Pocztowy under the existing umbrella of the Polish Post Office maximises its value financially and socially.

“Keeping Bank Pocztowy in the group increases the chances of the Polish Post Office to ensure the stability of the national postal network, which is of fundamental importance for the provision of a universal postal service,” said Poczta Polska president Jerzy Jóźkowiak.

“This is also an opportunity to simplify and expand access to services provided by government and e-government solutions in the future.”

PKO BP currently holds some 25 percent of Bank Pocztowy shares and was looking to buy roughly another 50 percent.