Rabobank reaches out to buy stake in BGŻ
The State Treasury can still fulfill its 2008 privatization revenue projection if it positively evaluates the proposal of the Rabobank Group to purchase a 37.29 percent stake in bank BGŻ from the State, said Treasury Minister Aleksander Grad. In this way the bank would not be floated on the bourse earlier as planned.
"This is indeed a bank with the future, but its indicators are much lower than the market average. The return on capital is twice lower than in PKO BP. It also has a very high cost/revenues ratio. I do not believe that this offer could be positively assessed by the investors," said an anonymous representative of the Treasury.
He went on to say that Rabobank offered a fair premium for the remaining stake, but no actual sum was mentioned.
Source: Puls Biznesu (M.M.)
"This is indeed a bank with the future, but its indicators are much lower than the market average. The return on capital is twice lower than in PKO BP. It also has a very high cost/revenues ratio. I do not believe that this offer could be positively assessed by the investors," said an anonymous representative of the Treasury.
He went on to say that Rabobank offered a fair premium for the remaining stake, but no actual sum was mentioned.
Source: Puls Biznesu (M.M.)
