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UPDATE 1-Poland insists Reiffeisen meets Polbank IPO deadline
June 13, 2017 / 2:56 PM / 6 months ago

UPDATE 1-Poland insists Reiffeisen meets Polbank IPO deadline

(Adds Raiffeisen comment, background)

WARSAW, June 13 (Reuters) - Poland’s financial regulator rejected a request by Raiffeisen Bank International to delay the planned initial public offering (IPO) of its Polish unit on Tuesday, reiterating that it must be concluded by the end of June.

Raiffeisen has promised it will list 15 percent of shares in Raiffeisen Bank Polska, also known as Raiffeisen Polbank IPO-RBP.WA, on the Warsaw bourse by June 30.

But the Austrian bank has questioned whether there is enough demand for the stake in Poland’s 10th largest lender by assets.

It has launched a cost-cutting plan including layoffs and branch closures, and was seeking an extension so that those measures could take effect and make the IPO more attractive.

But after the announcement by the KNF on Tuesday, Raiffeisen said it would keep working on the listing.

“We are continuing our preparations for the IPO,” it said.

The KNF had already postponed the deadline by a year on Raiffeisen’s request. (Reporting by Marcin Goclowski; additional reporting by Francois Murphy in Vienna)

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