KNF approves sale of BGŻ to BNP Paribas

KNF, the Polish Financial Supervision Authority, has allowed financial group BNP Paribas to buy shares of Polish Bank BGŻ, the KNF said 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. BNP Paribas is obliged to increase the free float of shares in the merged bank to 12.5 percent by June 30, 2016, and to 25 percent by the end of 2018. Some of the activities of the Polish branch of BNP Paribas will be transferred to the merged bank. The activity of the Polish branch of Sygma Banque will also be merged into the activity of the joint entity. In December 2013 Rabobank Group announced the sale of 98.5 percent of BGŻ bank’s shares for BLN 4.2 billion to BNP Paribas. Recently, BNP Paribas announced a tender offer to all shares in BGŻ at PLN 80.47 apiece.