Commerzbank's plans for BRE Bank move a step forward

The Bank Supervisory Commission has allowed Commerzbank to increase its stake in BRE Bank. The company, which currently controls 50% of the shares, is now waiting for clearance from the Securities and Stock Exchange Commission. Commerzbank will have to call for the remaining stock, presumably offering between zł.100-120 per share. The purpose of the purchase is not officially known. "Our intention to increase the stake is a sign of smooth cooperation with BRE Bank and the importance of our position on the market," said Commerzbank spokesman Peter Pietsch. Investors are skeptical of such statements and presume that Commerzbank wants to buy the shares just to sell them on. British HSBC, Austrian Erste Bank and Swedish Nordea are mentioned among the banks that want to increase their penetration of the Polish market, but so far have been blocked by the presence of other strategic investor who have strong market positions. (Parkiet, p. 1, Rzeczpospolita, p. B7) M.K.