* Pawel Tamborski to become a new Warsaw bourse CEO
* Bourse seeks fresh impetus as privatisations dry up
* Talks with Vienna bourse have been going for over a year
(Adds background and analyst comment)
WARSAW, June 6 Poland's deputy treasury
minister, former investment banker Pawel Tamborski, has stepped
down to become the new chief executive of the Warsaw Stock
Exchange (WSE), the ministry said on Friday.
The Warsaw stock exchange, whose listed firms have a
combined market capitalisation of $277 billion, is the biggest
bourse in central and eastern Europe and was No. 2 in Europe
after London in terms of the number of initial public offerings
in the first three months of this year, according to PwC.
"I'm pleased that a person of such high standing among
market participants agreed to take on the challenge of managing
the largest stock exchange in this part of Europe," Treasury
Minister Wlodzimierz Karpinski said in a statement.
The announcement confirmed a report by Reuters last month
that the government was considering appointing Tamborski to run
The boss of the Warsaw bourse is chosen at a shareholders
meeting, but this is likely to be a formality as the treasury
holds a controlling stake in the company.
The outgoing bourse CEO, Adam Maciejewski, was appointed in
2013 for a term which will soon end.
Sources close to the treasury ministry told Reuters last
month they wanted to replace him with someone who had a markets
background to breathe new life into the exchange.
Poland's privatisation program 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.
A proposed 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 been going on for
over a year with no sign of an imminent conclusion. The Warsaw
bourse stock price has fallen by almost 8 percent this year,
underperforming the broad market.
Tamborski, a former head of investment banking at
UniCredit's Polish arm and at Wood & Company, may be
the right person to do the job, analysts said.
"He is competent. It is hard to think about any other young
person who could take this job," said a Warsaw based financial
sector analyst who did not want to be identified because his
employer has a relationship with the bourse.
"The biggest challenges now are to define the WSE's (stock
exchange's) position in the region and to decide whether it is
profits or market development that matter," he said.
(Reporting by Marcin Goclowski; Additional reporting by Anna
Koper; Editing by Christian Lowe and Mark Potter)