Raiffeisen mulling IPO of its Polish unit
11:53
Austrian Raiffeisen is considering floating a significant part of its Polish unit Raiffeisen Polbank on the Warsaw Stock Exchange according to Reuters.
"In Poland we are currently focusing on the preparation of the IPO. The size, structure and timing of the IPO are still open. The agreement with the Polish regulator KNF foresees an IPO before middle of 2016. No decisions have been made," Raiffeisen Bank International spokesman said. Polish law obligates the bank to float at least 15 percent of its shares by the first half of 2016, but the bank was going to list the Polish business in IPO anyway to increase funds.
"The package offered would be 30-40 percent rather than 15-20 to allow Vienna to get more cash since it is in need," another source said.
Polbank is Poland's eight biggest lender by assets. Raiffeisen bought it from Greece's EFG Eurobank for €460 million in 2012. It’s current book value is estimated at PLN 5.5 billion.
