Austria's BACA to increase its shares in Poland's PBK
Austria's largest bank, Bank Austria Creditanstalt (BACA), will increase its
share in Powszechny Bank Kredytowy (PBK) in return for giving the properties
of its Polish branch, BACA Poland, to PBK. For each share of BACA Poland,
the Austrians will receive 149 shares of PBK. The value of the emission of
shares for BACA is not yet known, but the Austrians cannot cross the 50%
level of share capital in PBK. By the end of May the Treasury Ministry must
decide who will take over PBK's remaining 10.29% of shares, which now belong
to the state. Kredyt Bank, BACA's only competitor, quit the tender a few
days ago. In the event of BACA crossing the 50% mark, it will have to make a
call for shares according to Polish law. (Prawo i Gospodarka, May 13-14,
page 10) M.M.
