REUTERS SUMMIT-Poland's biggest bank PKO says no new deals for now

WARSAW, Sept 24 (Reuters) - Poland's largest bank, the state-controlled PKO BP, plans to use 2014 to consolidate its business after acquisitions this year, its chief executive said, signalling that for the time being the bank would not be buying any more rivals.

PKO agreed in June to buy Poland's No.10 lender, Nordea Bank (Other OTC: NRBAY - news) Polska, as well as the local life insurance and financing businesses from Swedish lender Nordea for 2.83 billion zlotys ($904 million), marking its first ever takeover.

Banking insiders say the market in Poland is ripe for further mergers and acquisitions, but PKO chief executive Zbigniew Jagiello, speaking at a Reuters Eastern Europe Investment Summit, said his bank's focus would be on absorbing the acquisitions.

Jagiello also said the Polish banking sector overall would struggle to achieve profit growth in 2014, though he predicted his bank would do better than the sector average.

"My forecast is that it would be very difficult for Polish banks to repeat the net profit level from 2013 next year," Jagiello said at the summit.

"PKO will perform better than the market thanks to the Nordea unit purchase," he said.

Poland's banking sector has had tough first half this year, hit by record low interest rates and pressure on margins and fees. But analysts expect the sector to rebound along with the economy in the second half.

(For other news from Reuters Russian and Eastern Europe Investment Summit, click on http://www.reuters.com/finance/summits)

(Follow Reuters Summits on Twitter @Reuters_Summits) ($1 = 3.1318 Polish zlotys) (Reporting by Marcin Goclowski, Adrian Krajewski and Marcin Goettig; Writing by Adrian Krajewski; Editing by Jane Merriman)