Raiffeisen reaches deal with financial watchdog

Raiffeisen International Bank (RBI) has reached an agreement with the Polish financial market watchdog KNF to hold the initial public offering (IPO) between signing and completing the transaction of selling its Polish unit Raiffeisen Polbank, Reuters reported citing RBI chief financial officer Martin Gruell. Polbank was acquired by RBI in 2012. KNF approved the deal, but the Austrian lender obliged itself  to conduct an IPO in Warsaw of up to 15 percent of its Polish unit. According to Gruell, the transaction should take place next year. Due diligence of the Polish business has already begun, but he declined to reveal details about its value.  Raiffeisen Polbank is a top-eight player in the banking sector after acquiring Polbank. The bank made €84 million in Poland last year.