Bayerische Hypo-Vereinsbank exceedes KNB limit revealing 77% BPH stake

If the next special shareholders meeting of BPH slated for Aug. 16 resolves to increase the bank's capital by up to zl. 2 billion through a 2.29 million share issue to be assumed by a strategic investor, BHV will own an 81% stake. It already holds over 11% more shares than provided for in the permit granted by the Banking Supervision Commission (KNB). "It seems likely that the bank shall apply for permission to exceed the 75% limit. Apart from that they have two options, they can either sell the 11% stake or not exercise voting rights those shares entitle it to," says Erste Securities analyst Marek Juras. The other major shareholders are the Treasury Ministry (4.4%) and the European Bank of Reconstruction and Development (EBRD) (5%). (Gazeta Wyborcza, page 16, Parkiet, page 2)