Deutsche Bank to sell 1.2 mln BZ WBK shares at PLN 380 apiece

Deutsche Bank sold 1.2 million shares (1.2 percent stake) in WSE-listed lender BZ WBK in an accelerated book building at PLN 380 apiece. The demand was over 2.5 times higher. “The shares were borrowed from Santander prior to the sale. After settling the placement to be held on February 20, the seller agreed to 90 days of the lock-up period for the BZ WBK shares,” Deutsche said in a market filing. Back in December BZ WBK has signed a deal to buy Deutsche Bank’s Polish assets for PLN 1.29 billion. The deal will not cover DB’s FX mortgage portfolio as well as corporate and investment banking operations and its retained cost base. BZ WBK will pay 20 percent in cash and 80 percent in new shares. Some 2.75 million new shares will be issued, representing a 2.7 percent stake in BZ WBK.