BNP is poised to buy out the Polish subsidiary of Raiffeisen


© Reuters. BNP Is POISED TO BUY out THE POLISH SUBSIDIARY OF RAIFFEISEN

by Marcin Goclowski and Marcin Goettig

WARSAW (Reuters) – BNP Paribas (PA:BNPP), is preparing to buy the Polish business of austrian bank Raiffeisen, has learned to Reuters on Wednesday, a source in banking high-placed.

In November, sources had indicated that BNP Paribas had approached Raiffeisen Bank International (RBI) and expressed its interest for the acquisition of its Polish subsidiary.

“It seems that the BNP is going to buy Polbank. The decision will be taken within two weeks, at the beginning of April at the latest,” said the source.

The general director of the Polish subsidiary of BNP Paribas, said for his part on Wednesday to journalists that the Bank BGZ BNP Paribas will take in the coming weeks, an important decision on the means to further develop its presence in Poland.

“We have to wait a few more weeks, we will then see more clearly about the main directions of the growth that the bank will continue”, he told the press.

Questioned more specifically on the Polish subsidiary of Raiffeisen, Gdanski said: “We look at the market, considering the various possibilities that could support our growth projects in Poland”.

He added that the bank should be able to specify its projects in April.

Raiffeisen Bank Polska has a carrying value of 6,49 billion zlotys (€1.54 million) and an asset of 48,97 billion zlotys.

According to another Polish source, the controller will allow, without doubt, the BNP Paribas to repurchase Raiffeisen Bank Polska if she wishes, on the condition that the austrian Raiffeisen keeps in its accounts in a portfolio of mortgages denominated in swiss francs valued at $ 9.7 billion zlotys.

Raiffeisen confirmed on Wednesday that it plans to introduce Exchange its subsidiary, Polish, or sell a majority stake.

“Based on what we know, discussions between the French and the Austrians are continuing and progressing in the direction of an agreement,” said a responsible bank in poland who did not wish to be named.

Another said that the French bank was committed to buy Raiffeisen Bank Polska.

(Wilfrid Exbrayat for French service, edited by Matthieu Protard)

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