PKP BP to reduce stake in Bank Pocztowy, IPO this year

Poland's largest lender by assets, PKO BP has reached an agreement with the other Bank Pocztowy shareholder, Poczta Polska, a state-controlled postal operator, the media reported. The lender is considering a reduction of its stake in Bank Pocztowy and accepts the plan to trade its shares on the Warsaw Stock Exchange. The Ministry of the State Treasury supports the agreement. The initial public offering may be launched still this year, and the offer may regard one third of PKO PB stake in Bank Pocztowy. "PKO believes that the IPO will be conducted smoothly by Bank Pocztowy, still this year," a press release read.

"The Ministry of the State Treasury is supporting the idea of entery of Bank Pocztowy shares onto the Warsaw bourse, because it will allow the firm to obtain the necessary capital for its development," Włodzimierz Karpiński, the Minister of the Treasury said.