BWR to sign deal with strategic investor: 40-160 mln shares

The bank, which has already signed two separate letters of intent, one with Deutsche Bank and the other with a domestic bank, both of whom want to assume a majority stake in BWR, intends to issue between 40-160 million shares ex-rights for its future strategic investor. The share issue will give the future investor control of between 51-80% votes at the general shareholders' meeting. The issue is due by year-end and an agreement with a strategic investor is to be signed by the end of the third quarter of the year. Last year, BWR had losses of zl. 32.8 million. However, according to the bank's auditor, Deloitte & Touche, the losses were actually three times higher as the bank should have created reserves for its ailing subsidiary BWR Realbank. (Prawo i Gospodarka, page 9 and 28, Reuters)