Czarnecki wants to trade Idea Bank shares for BPH shares

Only Getin Holding controlled by Leszek Czarnecki and state-owned PZU are in the game for acquiring BPH owned by General Electric, Puls Biznesu daily reported. According to the newspaper, the billionaire has prepared a special offer for GE in order to win the race. Leszek Czarnecki is planning to finance the transaction of purchasing the lender, partially by offering GE Idea Bank's shares in exchange for BPH's shares. Market capitalization of  BPH's amounts to $891 million, which makes it Poland's tenth largest lender by asset value. GE is likely to choose from two bidders by the end of the year.