Pekao's triple play will benefit the bank and the Treasury

Three separate share issues, together worth over zl. 1 billion, planned by Bank Pekao S.A., will help the bank finance its development as well as yield proceeds for the Treasury. The first offering will be a public sell-off of 9.17% of Pekao shares by the Treasury. As soon as this issue of A series shares ends, C and D series shares will be offered to foreign buyers. Strategic investors UniCredito Italiano and Allianz will acquire the zl. 521 million C series issue, while the zl. 479 million D series shares will be sold to the European Bank for Reconstruction and Development (EBRD) and US investors as Global Depositary Receipts (GDRs). "Proceeds from [these two issues] will be used by the bank. It will allow us to increase our credit portfolio by zl. 12.5 billion, while maintaining the same security level," said Pekao president Maria Wisniewska. Pekao is looking to remain the leader on the loans market and maintain its second position on the deposits market, while at the same time cutting costs. (Puls Biznesu, page 10)