Bank Pocztowy may seek new investor
Poczta Polska, the main shareholder in Bank Pocztowy (BP), said it may reopen its search before the end of 2001 for a strategic investor to take 25.7% of the bank, a Poczta Polska spokesman said.
The announcement comes on the heels of Poczta's rejection this month of Austrian bank Raiffeisen Zentralbank's offer of zl. 102.8 million ($24.5 million) for the stake.
"We have two options: one to fund our own development, the other to reopen the search for a strategic investor," said Poczta Polska Spokesman Marek Switalski. "If we take the latter path we could expect a decision before the end of the year."
Poczta Polska rejected Raiffeisen's fourth and final bid because the price was too low, said Bank Pocztowy Director General Przemyslaw Seczkowski. Poczta Polska holds 66.6% of BP and 74.2% of voting rights while Prokom Investment holds 33.3% of shares and 25.8% of voting rights in BP.
"There was only one reason; the price was too low The bank is worth several hundred million zlotys," Switalski said.
Before submitting its final offer for BP on July 16, Raiffeisen missed three previous bid deadlines in May and June. The Austrians had estimated the value of the bank at about zl. 400 million ($95.2 million), or zl. 102.8 million ($24.2 million) for the 25.7% stake. Poczta Polska estimates BP's value at some zl. 800 million ($190.5 million), a Poczta Polska representative said in July. Under this scenario, the asking price for the stake would be zl. 205 million ($48.8 million).
Bank Pocztowy's president, Piotr Tomaszewski, said the bank's first-half financial results were "excellent," which diminished the need for a speedy privatization. The bank said it would not rule out seeking a new investor, however. Switalski said a decision about an investor could be made this year.
According to Jacek Turczynski, general manager of Poczta Polska, despite rejecting Raiffeisen's bid, Poczta Polska will continue to work with the Austrian bank. The post office also reiterated its aim to retain a "decisive influence" over Bank Pocztowy. It said a new cooperation agreement would be signed between the two institutions in the near future.
