Treasury cancels PKO BP tender for strategic advisor

The Treasury announced Wednesday that it has cancelled a tender to choose a strategic adviser for privatization of state-owned savings giant PKO BP, the last major bank left to be sold-off in Poland. The ministry rejected all six offers received from domestic and foreign institutions, claiming that they do not meet formal regulations. As a result, restructuring of the biggest Polish retail bank may be significantly delayed and not carried out before January 2003. According to the Treasury statement, preparations for a new tender have already begun. The cabinet has said it plans to keep a majority in the bank, possibly floating a minority stake on the Warsaw Stock Exchange (WSE). PKO BP assets amount to $17.2 billion. (Reuters, Puls Biznesu, p. 8) M.T.