WARSAW: Poland's Bank BGZ will issue shares worth 2.24 billion zlotys ($676 million) to merge with BNP Paribas' Polish unit following BNP's acquisition of BGZ, the lenders said.

BGZ will issue almost 28.1 million shares to BNP Paribas Polska owners, who are to receive 5 new shares for every 6 shares in BNP Paribas Polska, which has a market value of 2.13 billion zlotys.

BNP, France's biggest listed bank, last month completed the purchase of BGZ from Dutch Rabobank for 4.5 billion zlotys as it seeks to expand in faster-growing markets.

The tie-up will create Poland's No.7 lender and bring BNP's market share in Polish deposits to around 4 percent.

(1 US dollar = 3.3135 Polish zloty).

Copyright Reuters, 2014