Poczta Polska rejects Raiffeisen bid for Bank Pocztowy

Poczta Polska has rejected the offer by Raiffeisen Zentralbank of Austria to purchase a stake in Bank Pocztowy. According to general manager of Poczta Polska, Jacek Turczynski, Raiffeisen's zl.400 million valuation of Bank Pocztowy fell several hundred million zloty short of its true worth. He said that Poczta Polska, the national post office and the main shareholder in Bank Pocztowy with a 66.6% stake, would continue to seek an investor in the bank. But the post office would remain the main shareholder. Turczynski also said that despite the rejection of the Raiffeisen offer, Poczta Polska would continue to work with the Austrian bank. Poczta Polska is the main shareholder in Raiffeisen Polska, and cooperates with it in providing banking services at post offices across Poland, (Gazeta Wyborcza, p. 17) K.K.