KBC given go-ahead to gain control of Kredyt Bank

The Bank Supervisory Commission (KNB) yesterday granted permission for Belgium's KBC Bank to raise its stake in Kredyt Bank to as high as 75%, from the present 49.9%. Shareholders in Kredyt Bank have scheduled a subscription for 49.3 million shares for the September 26 to October 2 period, a sale that is expected to boost the bank's capital by around 50% and to give KBC the chance to increase its stake. Under Polish law, an investor holding more than 50% in a listed company is required to call a public bid for all the shares not already owned. Kredyt Bank chief executive Stanislaw Pacuk said earlier this month that KBC might call a bid for the Polish bank in late 2001 or early next year, after it exceeds the 50% threshold. KBC still needs permission from the Securities and Stock Exchange Commission (KPWiG) to raise its stake in the Polish bank to over 50%. Kredyt Bank, with total assets of zl.19.3 billion and a nationwide retail network of over 300 outlets, is among Poland's 10 largest banks. (Prawo i Gospodarka, p. 10; Reuters) A.K.