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Poland seeks buyers for 12 pct stake in lender PKO BP -sources
January 22, 2013 / 7:57 PM / 5 years ago

Poland seeks buyers for 12 pct stake in lender PKO BP -sources

WARSAW, Jan 22 (Reuters) - Poland is offering to sell an 11.75 percent stake in the country’s top lender PKO BP worth some 5.3 billion zlotys ($1.7 billion) to bring in fresh privatisation funds to the state coffers, market sources told Reuters on Tuesday.

Poland’s treasury ministry, which oversees state assets has a 33.4 percent stake, while another state bank, BGK, holds 10.25 percent.

“The treasury is looking to sell 147 million shares in PKO,” one of the sources told Reuters.

Poland has been periodically selling stakes in some state-controlled companies on the open market to raise funds to keep down borrowing needs. The treasury ministry usually holds a book-building process before deciding at what price to sell a stake.

Officials have said they could reduce state holdings in PKO and top insurer PZU to some 25 percent, which should allow the government to maintain control of its two main financial institutions.

The treasury ministry was not immediately available for comment. ($1 = 3.1406 Polish zlotys) (Reporting by Adrian Krajewski; Editing by Tim Dobbyn)

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