KNF extends Raiffeisen IPO deadline. Hopes for improved offer

Financial Supervision Authority (KNF) gave Raiffeisen Polbank a new May 15, 2018, to float at least 15 percent on the Warsaw Stock Exchange. At the same time, KNF said that it hopes that the offer will be above the threshold and will include new shares on top of existing ones. It also hopes that the lender will “include retail investors and improve communication with markets.” KNF will also refrain from penalizing the bank for missing the previous deadline, fearing it “could weaken the effectiveness of the process of the IPO.” Raiffeisen Bank Polska was under the obligation to KNF to float 15 percent of its shares by end-July. However, due to low interest, the lender suspended the procedure. The reason for small interest was the bank's low profitability and portfolio of toxic Swiss franc-denominated mortgages.