PKO BP to be privatized at the earliest two years from now

The government presented its privatization plan for two of Poland's largest banks, PKO BP and Bank Gospodarki Zywnosciowej (BGZ) after Sejm deputies on May 11 forced it to present clear rules of the process. Treasury Minister Emil Wasacz said privatization of PKO BP will take place not earlier than two years from now. According to the Ministry the offer will be addressed to investors such as pension funds. Wasacz assured also that all potential investors interested in the offer will be treated equally. The Ministry does not envisage any strategic investor in its plans for PKO BP. Privatization has been scheduled so far down the road to allow time for restructuring of PKO BP. This year PKO BP is expected to bring a net profit of zl. 256 million. (Parkiet, page 8) A.D.