BZ WBK in the lead for Deutsche Bank Poland

BZ WBK is getting closer to buying Deutsche Bank’s Polish assets, according to Reuters. “Offers were submitted by BZ WBK and Millennium. But Millennium’s offer is too low. In these circumstances only BZ WBK’s offer is taken into consideration,” Reuters said, quoting a person familiar with the negotiations process. Earlier reports, put Bank Millennium as the frontrunner, with its offer advancing to the second stage of the process. According to the Reuters sources, both, banks are still in the mix, as no exclusivity was granted yet. But some argue that the sale might not go through, as Millennium might have troubles securing approval for the takeover due to its large FX-denominated mortgages portfolio. With only one lender in the mix, the final offer might be too low. “If only BZ WBK is left at the table, why it should offer a high price?” one of the sources told Reuters. Back in May, Deutsche Bank said that it plans to sell most of its Polish assets, excluding its FX-denominated housing loans, with Millennium, mBank and BZ WBK being mentioned as the frontrunners for acquisitions. According to analysts, the banks’ assets could go for at least $450 million.