June 28, 2013 / 9:22 AM / 4 years ago

CORRECTED-BNP Paribas' Polish unit suspends share issue as bourse plunges

(Corrects value of share issue in first and last paragraphs)

WARSAW, June 28 (Reuters) - The Polish unit of French lender BNP Paribas suspended its $90 million to $116 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 15 percent this year, compared with a 5 percent rise in the German DAX index.

The bank had plans to issue shares worth 300 million to 386 million zlotys ($90 million to $116 million) to meet the Polish financial regulator’s requirement to raise its free float to 15 percent. ($1 = 3.3331 Polish zlotys) (Reporting by Marcin Goettig)

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