New bourse chief bearish on privatization

A deputy head of the National Deposit for Securities (KDPW) Ludwik Sobolewski, will in June replace long-serving head of the Warsaw bourse, Wiesław Rozłucki. Sobolewski was the only candidate out of the original 12 who was chosen by the Council of the Warsaw Stock Exchange (WSE), and his candidacy was accepted by the Treasury, which controls 99 percent of the bourse's shares.

The new president is a lawyer specialising in financial markets who in the past has worked for Warsaw Stock Exchange.

The new boss declared that his goal will be to increase the Polish capital market's position in the CEE region. Privatisation of the bourse is in his opinion not a burning issue and it could be carried out within three years. Outgoing president Rozłucki has repeatedly called for a quick privatisation of the state-owned exchange, fearing it may be isolated amid regional consolidation.

"For now, I oppose any ownership connections and alliances with foreign bourses. I would like the Warsaw exchange to become a regional center," Sobolewski said after his appointment.

However, Sobolewski didn't rule out some ownership changes. "The share of domestic financial institutions in the shareholding should significantly increase," he said, adding that the state's strategic interests should be respected.

The current Law and Justice-led government has opposed any tie-ups, viewing the stock exchange as one of the country's strategic assets. (Reuters)