New buyers line up for GBG after talks with BS fail

BPH PBK announced that it broke off negotiations with Banco de Santander (BS) for the sale of a 71% stake in Górnośląski Bank Gospodarczy (GBG) for zł. 290 million. According to Parkiet, BPH PBK was not satisfied with the price offered. The bank informed it will start talks with other investor interested in GBG. According to unofficial sources the first in the queue are Raiffeisen and BZ WBK, with HSBC also said to be interested in the deal. HSBC recently turned to the Banking Supervisory Commission for a license to operate banking services in Poland. According to specialists, for BPH PBK the best buyer for GBG is probably a foreign investor, but it is also possible that the final purchaser will be a Polish entity that offers a lower price. GBG's market value is between zł. 300 million to zł. 400 million. (Parkiet, March 29-31, p. 3) J.K.