State bank BGK open to sale of its PKO BP stake
October 19, 2012
Poland's state bank BGK sees selling its stake in the country’s top bank PKO BP in 2013 as the most "natural" way of increasing its own capital but will wait for the Treasury Ministry's proposals with this respect, BGK CEO Dariusz Daniluk said during a press conference.
"The most natural solution in order to capitalize the bank would be to do it with the shares already held [by the bank]," Daniluk said when asked whether BGK will sell shares of PKO BP in 2013 in order to increase its own capital. "We will calmly wait for proposals concerning the capitalization from the Treasury Ministry."
Poland directly holds a 33.39% of PKO BP shares, while state bank BGK holds further 10.25% of shares.
Upon the July 19 sale of 95 million shares of PKO BP, the Treasury Ministry and BGK vowed a 180-day lock-up period on the remaining stake.