KNF approved BGŻ share buyout

KNF, the Polish Financial Supervision Authority, allowed BNP Paribas SA to buy shares of BGŻ bank, said KNF on Tuesday. At least 25 percent of the joint banks’ shares will be available on the Warsaw Stock Exchange within four years, reports the Polish Press Agency. Additionally, the joint banks’ OTC shares shall increase to 12.5 percent by June 30, 2016. Some of the activities of the Polish branch of BNP Paribas SA are said to be transduced to the joint banks, as well as merge the Polish branch of Sygma Banque SA with the joint banks. In December 2013 Paribas and Grupa Rabobank informed about the sale of 98.5 percent of BGŻ bank’s shares for BLN 4.2 billion. This year, BNP Paribas requested BGŻ to sell all of its shares (56,130,764) for the amount PLN 80.47 each.