Poczta Polska and Bank Pocztowy to increase ties

By : Leo Broomfield

   State-owned Poczta Polska (PP), the main shareholder in Bank Pocztowy (BP), said last week the two firms would sign a preliminary agreement aimed at broadening their ties.

   “This agreement will be signed shortly, though I cannot give any concrete date,” said Przemysław Sęczkowski, PP finance director.

   Soon after the deal is signed the two firms are set to discuss details of future cooperation, including the division of costs and profits. The agreement is expected to outline how PP plans to develop the bank’s client base, infrastructure and range of banking services.

   Reports suggest the present deal also centers on giving BP exclusive access to PP branches and close cooperation in introducing a joint information system in the two firms, common marketing and training activities.

   It may also touch on plans to find a strategic investor in BP after the collapse of plans to sell a 25.7% stake in the bank to Austrian Raiffeisen Zentralbank last month.

   PP said it would look for a new strategic investor for the bank before the end of the year, after PP rejected Raiffeisen’s offer of zł. 102.8 million ($24.5 million) for the stake in August. Sęczkowski did not comment on whether PP would continue to search for a strategic investor.

   PP holds 66.6% of BP and 74.2% of voting rights while Prokom Investment holds 33.3% of shares and 25.8% of voting rights in BP.