Germans, Dane, Belgian vie for Amerbank stake
Two German banks, Deutsche Genossenschaftsbank (DG Bank) and Bayerische Landesbank (BLB), along with Denmark's Den Danske Bank have said they want to buy stakes large enough to secure 33% of the voting rights in publicly traded Amerbank.
They may find it difficult, however, to find a seller. Amerbank's largest shareholders, Belgium's Bank Brussels Lambert (BBL) and Polish Gas and Oil Company (PGNiG) said they have no intention of decreasing their holdings.
BBL, in fact, wants more control. The Belgian bank owns 36.4% of Amerbank's shares and holds 21.6% of the voting rights. It wants to increase its voting rights to 25%.
"We want to increase our shareholding in Amerbank," said Louise van Heel, press spokeswoman for BBL. "We took part in the new share issue but we are still waiting for the shares' allocation."
Two weeks ago Amerbank completed an offering of 2 million new shares at zl. 20 each, raising approximately zl. 40 million ($11.42 million). That offering was five times oversubscribed, partly because the foreign banks were trying to get a foothold. The bank said it plans to do another offering of about the same size in the near future.
Amerbank, which at the end of 1997 had total assets of zl. 29.5 million ($9.22 million), last year generated net profit of zl. 15.3 million ($4.78 million).
PGNiG, which also took part in the new share issue, said it wants to maintain its holding in Amerbank.
"We are going to take part in any new issues," said Janusz Zgorzynski, public relations director at PGNiG.
Artur Szeski, an analyst with CDM Pekao, said he was not surprised that the foreign banks were in hot pursuit of Amerbank, or that PGNiG and BBL were unwilling to unload their holdings.
"For the foreign banks, Amerbank will be a good starting point to build their presence in Poland," he said. "And it's rather inexpensive."
He added that Amerbank, which does a lot of foreign exchange transactions, fits well with PGNiG's business. As for BBL, which is 99% owned by the Netherlands' ING Barings, Amerbank gives it access to customers not currently handled by ING's branches here or by Bank Slaski, in which ING owns 54%.
Szeski valued Amerbank at about zl. 140 million ($40 million).
But with so many suitors, it will be extremely difficult for any entity to take full control of the bank, analysts said.
"According to my estimates, none of them will be able to take over more than 5% of voting rights," said Agata lukasiak, analyst with PBR brokerage house. "This means new share issues will be necessary, this time addressed to a particular investor."
The bank, which focuses on foreign exchange activity, investment banking and project financing, has branches in Warsaw and Poznan in addition to a brokerage house.
They may find it difficult, however, to find a seller. Amerbank's largest shareholders, Belgium's Bank Brussels Lambert (BBL) and Polish Gas and Oil Company (PGNiG) said they have no intention of decreasing their holdings.
BBL, in fact, wants more control. The Belgian bank owns 36.4% of Amerbank's shares and holds 21.6% of the voting rights. It wants to increase its voting rights to 25%.
"We want to increase our shareholding in Amerbank," said Louise van Heel, press spokeswoman for BBL. "We took part in the new share issue but we are still waiting for the shares' allocation."
Two weeks ago Amerbank completed an offering of 2 million new shares at zl. 20 each, raising approximately zl. 40 million ($11.42 million). That offering was five times oversubscribed, partly because the foreign banks were trying to get a foothold. The bank said it plans to do another offering of about the same size in the near future.
Amerbank, which at the end of 1997 had total assets of zl. 29.5 million ($9.22 million), last year generated net profit of zl. 15.3 million ($4.78 million).
PGNiG, which also took part in the new share issue, said it wants to maintain its holding in Amerbank.
"We are going to take part in any new issues," said Janusz Zgorzynski, public relations director at PGNiG.
Artur Szeski, an analyst with CDM Pekao, said he was not surprised that the foreign banks were in hot pursuit of Amerbank, or that PGNiG and BBL were unwilling to unload their holdings.
"For the foreign banks, Amerbank will be a good starting point to build their presence in Poland," he said. "And it's rather inexpensive."
He added that Amerbank, which does a lot of foreign exchange transactions, fits well with PGNiG's business. As for BBL, which is 99% owned by the Netherlands' ING Barings, Amerbank gives it access to customers not currently handled by ING's branches here or by Bank Slaski, in which ING owns 54%.
Szeski valued Amerbank at about zl. 140 million ($40 million).
But with so many suitors, it will be extremely difficult for any entity to take full control of the bank, analysts said.
"According to my estimates, none of them will be able to take over more than 5% of voting rights," said Agata lukasiak, analyst with PBR brokerage house. "This means new share issues will be necessary, this time addressed to a particular investor."
The bank, which focuses on foreign exchange activity, investment banking and project financing, has branches in Warsaw and Poznan in addition to a brokerage house.
