UniCredit, the Italian banking group, moved a step closer to creating one of Poland's largest fund management groups last night after a key opponent of the deal resigned.

Polish Treasury minister Andrzej Mikosz had led the government's opposition to UniCredit's proposal to merge Bank BPH, which it acquired following its takeover of Germany's HVB, with Bank Pekao, which the Italian group already owned. The combined group would have a market share in Polish investment funds of more than 40%.