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BNP Paribas' Polish unit suspends share issue as bourse plunges
June 27, 2013 / 10:53 PM / in 4 years

BNP Paribas' Polish unit suspends share issue as bourse plunges

WARSAW, June 28 (Reuters) - The Polish unit of French lender BNP Paribas suspended its $215 million share issue plan due to what it called “deeply adverse” conditions on the Warsaw stock exchange, the bank said on Thursday.

The Warsaw benchmark share index fell 3.1 percent to its lowest level in more than 10 months on Thursday, hit by the government’s plan to transfer some assets of private pension funds back to the state.

The funds hold billions of zlotys in shares traded on the stock exchange. Warsaw’s benchmark index has fallen 16 percent this year, compared to a 5 percent rise of the German DAX index.

The bank had plans to issue shares worth 715 million zlotys ($214.52 million) to meet the Polish financial regulator’s requirement to raise its free float to 15 percent. [ID: ($1 = 3.3331 Polish zlotys) (Reporting by Marcin Goettig; Editing by Gary Hill)

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