Poland to sell 11.75pct of top lender PKO BP
January 24, 2013
Poland's Treasury Ministry is offering to sell a 11.75% stake in the country's largest bank by assets worth some PLN 5.1 billion, through an accelerated book building procedure, to help meet its privatization target and to raise funds for a government-owned development bank BGK.
At present, the Treasury holds a 33.4% direct stake in PKO BP, with BGK holding an additional 10.25%. BGK is selling its whole shareholding, with an additional 1.5% coming from the Treasury’s stake. After the deal, the government will hold 31.9% of PKO Bank Polski and will continue to be the bank's controlling shareholder.
BGK would likely use the funds from the sale towards the government’s new Polskie Inwestycje program which aims to spur investment in areas like freeway construction and shale gas exploration.