Kredyt Bank beats a hasty retreat from bid for PBK stake

Kredyt Bank announced Tuesday it had withdrawn from the tender to acquire a 10.29% stake (2. 799 million shares) in Powszechny Bank Kredytowy (PBK) offered by the Treasury Ministry leaving Bank Austria as the sole bidder. It is the second attempt by the Treasury to sell a PBK stake following the cancellation of the first tender last year. Kredyt Bank and Bank Austria were both put on the shortlist in April and now the Austrian bank which already holds a 43% stake in PBK is sure to secure the purchase and set to obtain permission from Polish authorities to exceed the 50% ownership threshold. By the end of the year Bank Austria plans to merge PBK with Bank Creditanstalt Poland, its Polish subsidiary. The reasons for Kredyt Bank's unexpected pullout remain unknown. The Treasury is committed to complete the sale by the end of the month. (Reuters, Parkiet, page 1) P.S.