PKO BP dreams about control over Bank Pocztowy postal bank

opublikowano: 16-02-2007, 16:25

Warsaw (Puls Biznesu) – PKO BP wants to acquire Bank Pocztowy. Not all experts agree it’s a good move.

Warsaw (Puls Biznesu) – PKO BP wants to acquire Bank Pocztowy. Not all experts agree it’s a good move.

 PKO BP would like to have full control over Bank Pocztowy (BP). Today, it has a 25 percent stake while the rest in owned by Poczta Polska (PP), the Polish post.

“We want to submit an offer to Poczta Polska to buy the shares of the postal bank. We will soon do it”, Marek Gluchowski, PKO BP temporary CEO said in the parliament.

In his opinion, this would let build a uniform financial structure cooperating with the Polish Post.

“For some time already, we have been talking about gaining control over BP. We don’t want to buy the whole stake. PP should stay in shareholder structure”, Marek Gluchowski said.

He added that in case of the transaction, PKO BP would like to have its interests secured, i.e. its banking group would have the exclusive right to cooperate with PP.


Experts are split as far as these plans are concerned.

“In Fall 2006, PKO BP signed agreement with PP. In consequence the bank was supposed to introduce its offer to post offices. Why then buying BP? It won’t add new products. This may be quite an extravagant acquisition”, Dariusz Gorski, DB Securities analyst said.

He worries that PKO BP spends its money for the companies chosen by the government. Last year, the bank bought the stake of BOS when SEB was withdrawing.

“The question is the price of the 75 percent stake. According to unofficial sources, in 2005, the 25-percent stake bought from Prokom cost PKO BP four times the book value. It’s crazy”, Dariusz Gorski evaluated.


Not analysts are so critical.

“If PKO BP pays a good price, the idea seems good. It won’t be difficult for the banks to reach synergies. BP is headed by Piotr Kaminski and I believe he is a good manager. PKO BP would only have to guarantee the exclusive right to sell its offer in post offices to win with rivals”, Marcin Jabłczyński, CAIB analyst said.

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