Bank Creditanstalt Austria to buy PBK shares at zl. 120 ea.

The State Treasury has signed an agreement to sell 10.29% of Powszechny Bank Kredytowy's shares (PBK) at zl. 120 per share to Bank Creditanstalt Austria (BA/CA) which adds up to zl. 335.9 million in total. The agreement means the State Treasury will be left with 3.97% stake in PKB, while BA/CA's stake will increase from 43.51% to 53.8%. Later this year, B/CA would like to merge with PBK, but the Bank Supervisory Commission (KNB) says it cannot own more than a 66% stake. The transaction is not being done through the Warsaw Stock Exchange (WSE) (Parkiet, page 6) M.M