Raiffeisen Polbank: IPO this year, up to 400 people to be dismissed

Image : raiffeisenpolbank.com

Raiffeisen Bank International (RBI) which wants to sell its Polish unit, Raiffeisen Polbank, is planning to launch an IPO this year, Puls Biznesu daily reported. In addition, the lender is going to dismiss around 300-400 employees, according to the daily.

The Austrian lender wants the shares of Raiffaisen Polbank to debut on the Warsaw Stock Exchange this year and sell its Polish business to some strategic investor. The company is determined to sell Raiffeisen Polbank despite the KNF financial watchdog’s objections.

RBI is also going to continue a redundancy program, which may apply to up to 400 employees, the daily informed. At the end of 2014, the employment amounted to around 5,000 people and it decreased by 11 percent.

Polbank was acquired by RBI in 2012. The bank’s Polish unit, Raiffeisen Polbank is a top-eight player in the banking sector after acquiring Polbank. It made €84 million in Poland last year.

 

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