Poland to put Tamborski in WSE CEO post to seal Vienna deal
June 12, 2014
The Polish government will name outgoing deputy Treasury Minister Pawel Tamborski to head the Warsaw Stock Exchange to secure the planned merger with the Vienna bourse and bolster Warsaw's role as the region's financial hub, Treasury Minister Wlodzimierz Karpinski said on Wednesday.
"I'm primarily counting on development of the market and the Polish bourse as a regional financial center," Karpinski said of the likely new CEO of the Warsaw Stock Exchange. "I expect, among other things, that he will lead the process of an eventual merger with Vienna ".
Tamborski can hit the ground running in that process. "This is a man who knows the Vienna merger project" and, as the first person to strike up the talks, is a "trustworthy partner in negotiations for the Austrians," Karpinski said.
The Warsaw Stock Exchange's planned cooperation or potential capital ties with Vienna's CEE Stock Exchange Group AG (CEESEG) is a "difficult" project, Karpinski says, citing issues ranging from technical matters, procedural issues, negotiations and the differing corporate cultures. Poland's top priority in the deal remains "the good of the Polish economy and, in turn, of the Polish state," Karpinski added.
In April 2013, GPW launched preliminary talks with the CEE Stock Exchange Group, which is the operator of stock exchanges in Vienna, Budapest, Ljubljana and Prague concerning "potential methods of strengthening cooperation between both entities." In May 2013 the WSE hired Citibank as financial advisor in talks on potential capital ties with CEESEG.
Tamborski filed his resignation from his post last week with intention of seeking the WSE post. WSE shareholders, including the controlling shareholder, Poland's State Treasury, will elect the new CEO on June 26. Current CEO Adam Maciejewski, appointed to finish the term of office of his predecessor Ludwik Sobolewski, will leave the post, Karpinski said.