Reuters logo
Raiffeisen's Polish unit obliged to conduct IPO by June 30 -regulator
May 31, 2017 / 6:58 AM / 4 months ago

Raiffeisen's Polish unit obliged to conduct IPO by June 30 -regulator

WARSAW, May 30 (Reuters) - Raiffeisen Bank International (RBI) is obliged to conduct an initial public offering of its Polish unit in Warsaw by June 30, Poland’s financial regulator said late on Tuesday, upholding its earlier position.

“RBI is obliged at present to conduct an IPO of RBPL by June 30, 2017, with the free float to be maintained at a level of at least 15 percent,” financial regulator KNF said in a statement.

The KNF also said that it had acquired information regarding the current status of Raiffeisen Bank International’s commitment on this.

Raiffeisen Bank Polska, also known as Raiffeisen Polbank IPO-RBP.WA, is the country’s 10th largest lender by assets.

The bank was to conduct the IPO on the Warsaw bourse by the end of the first half of the year, as agreed with the KNF last year, when the deadline was extended by a year.

But the appetite for Raiffeisen Polbank, which was to offer 15 percent of shares, was subdued by its losses and the fact that the bank holds a huge portfolio of toxic Swiss franc-denominated mortgages, carrying currency risk and making no profit.

On Tuesday Raiffeisen’s Chief Financial Officer Martin Gruell met with representatives of the KNF in Warsaw. (Reporting by Marcin Goclowski and Marcin Goettig; editing by Jason Neely)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below