Komunalny wants strategic investor
A number of banking and insurance institutions are interested in taking from 1 million-2 million new shares to be issued in a capital increase, the bank said. This would translate into a 38% stake with about 35% voting rights.
Analysts said a new investor would help to beef up the bank, which is now a small fish in a banking pond that keeps growing bigger. "It really needs a strong investor from the banking sector," said Lubomir Charchalis, an analyst with Wood & Co.
Bank Komunalny is a local bank operating in northern Poland with its own capital of zl. 41.2 million ($11.7 million). The bank has focused on serving the municipal sector. "Until now, it was not a very good business," Charchalis said. "But it has strong potential after the administrative reform is launched and the municipalities will be able to manage their own finances."
Bank Komunalny's main shareholders are the municipality of Gdynia, which has a 19.9% stake and 22.3% of voting rights, and the Poland Growth Fund, with 9.7% of shares and 9.4% of voting rights.
Other small banks are also looking to increase their size on the market. Last week, Kredyt Bank PBI announced that it has a 5% stake in Bank Ochrony Srodowiska (BOS), but it denied speculation that this may be the first step in a takeover.
"So far, we're planning closer cooperation," said Marcin Olkowicz, press spokesman for Kredyt Bank PBI. Such cooperation could result in synergies, he said, since BOS is strong in its niche activity, namely environmental projects, while Kredyt can supply its expertise in retail banking as well as a network of branches and ATMs.
Analysts said a new investor would help to beef up the bank, which is now a small fish in a banking pond that keeps growing bigger. "It really needs a strong investor from the banking sector," said Lubomir Charchalis, an analyst with Wood & Co.
Bank Komunalny is a local bank operating in northern Poland with its own capital of zl. 41.2 million ($11.7 million). The bank has focused on serving the municipal sector. "Until now, it was not a very good business," Charchalis said. "But it has strong potential after the administrative reform is launched and the municipalities will be able to manage their own finances."
Bank Komunalny's main shareholders are the municipality of Gdynia, which has a 19.9% stake and 22.3% of voting rights, and the Poland Growth Fund, with 9.7% of shares and 9.4% of voting rights.
Other small banks are also looking to increase their size on the market. Last week, Kredyt Bank PBI announced that it has a 5% stake in Bank Ochrony Srodowiska (BOS), but it denied speculation that this may be the first step in a takeover.
"So far, we're planning closer cooperation," said Marcin Olkowicz, press spokesman for Kredyt Bank PBI. Such cooperation could result in synergies, he said, since BOS is strong in its niche activity, namely environmental projects, while Kredyt can supply its expertise in retail banking as well as a network of branches and ATMs.
