Raiffeisen reportedly close to acquiring stake in Pocztowy

Raiffeisen Bank of Austria is rumored to be the favorite to acquire a minority stake in Bank Pocztowy, a subsidiary of the Polish Post (PP). According to anonymous sources quoted by Rzeczpospolita daily, selected investors began due diligence at Pocztowy as early as last year, and one of them, possibly Raiffeisen, was chosen for exclusive negotiations. Raiffeisen confirmed conducting due diligence at the bank. Jeffrey B. Millikan, vice-president of Raiffeisen Bank Polska, said that the Austrian bank is looking to acquire between 25% and 33% of Pocztowy. Rzeczpospolita also claims that talks with Raiffeisen have irritated French group Paribas, which together with the PP owns the Pocztowo-Bankowe pension fund and was hoping to secure a stake in Bank Pocztowy. At present, the PP holds a 66.6% stake in Pocztowy, with the remainder held by Prokom Investments, a subsidiary of computer integrator Prokom. (Rzeczpospolita, p.B5, Puls Biznesu, p.4) T.J.