Raiffeisen gets second extension for Bank Pocztowy

Today marks the second deadline when Raiffeisen Bank Polska was supposed to have completed negotiations concerning the purchase of 33% to 44% of shares of Bank Pocztowy (BP), a subsidiary of Poczta Polska (the Polish Post Office), but once again Raiffeisen will have its exclusive negotiating privileges extended. The chief of BP's board of directors, Miroslaw Marcinkiewicz, thinks that rescheduling the completion of the negotiation process will not be a serious problem. According to him, the crucial element of the transaction is establishing all details of further cooperation between BP and Poczta Polska. Nevertheless, the prolonged negotiations have led to speculation among sector analysts, including rumors that Raiffeisen is going to purchase BP on behalf of BundesPost, the German postal system, not for itself. BundesPost would thus be in a good position prior to the possible future privatization of Poczta Polska. The idea of a merger between BP and PKO BP has also been floated, a move that would create an institution with Polish capital and having the largest number of outlets on the domestic market. (Puls Biznesu, p.7) A.D.