WARSAW May 15 The controlling shareholders in
the Warsaw stock exchange are considering removing the
bourse's chief executive and replacing him with Poland's Deputy
Treasury Minister Pawel Tamborski, several sources close to the
Tamborski, a former head of investment banking in
UniCredit's Polish arm and at Wood & Company, declined
to comment on the issue. A spokeswoman for the stock exchange
said she had no immediate comment, and the treasury ministry was
not immediately available to comment.
The state-controlled bourse is the biggest stock market in
central Europe. Under CEO Adam Maciejewski, talks on a tie-up
with the Vienna bourse have dragged on, while the Warsaw
exchange faces future challenges attracting new investors.
"The treasury wants a markets man on the job to breathe new
life into the Warsaw bourse," one of the sources said, on
condition of anonymity.
The Warsaw bourse has 450 listed companies - 46 of them
foreign - with a combined market capitalisation of around 900
billion zlotys ($294.5 billion).
Poland's privatisation programme has generated a steady
stream of public offerings on the bourse, attracting new
investors. But there are now few state-owned assets left to sell
off, leaving the bourse at a crossroads.
The tie-up with the Vienna stock exchange, which also owns
smaller exchanges in Prague, Budapest and Ljubljana, could
strengthen Warsaw's position against its rivals in Frankfurt
But talks between Warsaw and Vienna have now been going on
for over a year with no sign of an imminent conclusion.
In another challenge to the bourse, a reform of Poland's
state-mandated pension system could reduce the appetite for
equities among private pension funds.
Those funds have for a long time been major investors on the
Warsaw exchange and eager participants in public
($1 = 3.0557 Polish Zlotys)
(Reporting by Adrian Krajewski and Pawel Sobczak; Editing by