BRE Bank planning to withdraw from consortium bidding for Daewoo TU

BRE Bank looks set to withdraw from a consortium, which includes the European Bank for Reconstruction and Development (EBRD), that is planning to bid for insurance company Daewoo TU. However, no final decision on the withdrawal will be announced until consulting company KPMG has completed its audit of Daewoo TU, something that is expected to take a few more weeks. Daewoo TU is attempting to increase its capital through a share issue, and to this end is currently exploring two possibilities. One is the group of banks with which BRE Bank is associated, and the other is Polskie Konsorcjum Finansowe (PKF), a consortium of banks and mining and energy companies. Daewoo TU has set a deadline for the end of June for the share issue, although PKF has said it would prefer it to be delayed until the end of July. PKF wants more time to receive permission for the investment from the state treasury, the owner of many of the companies in the consortium. (Prawo i Gospodarka, June 16-17, p. 7) P.W.