BPH PBK say GBG transaction could net them zł. 170 million

Later this year the sale of Górnośląski Bank Gospodarczy (GBG) could be fina lised and the majority shareholder of the institution, BPH PBK, could earn o ver zł. 170 million on the transaction. According to analysts' estimates, th e whole bank is worth between zł. 400-500 million. According to sources, it turns out that one of the investors negotiating the terms of the purchase is a financial institution from Austria. This might be a company, which has not been present on the Polish market, like Erste Bank. According to Reuters, th e sale should be sealed by the end of October, but due to numerous administr ative requirements, the transactions could be finalized as late as next year . "I cannot confirm nor deny this information," said Jacek Balcer, spokesman of BPH PBK. Andrzej Powierża, analyst of DI BRE, said, "Selling such a profi table bank only makes sense if the price was high enough." (Parkiet, p. 3) M .M.