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EBRD further reduces stake in Bank Pekao S.A.
The EBRD has sold 50 per cent of its remaining equity stake in Bank Pekao
S.A., a leading bank in Poland listed on the Warsaw Stock Exchange through UBS
Limited. The sale reduces the EBRD’s stake to 1.65 per cent from 3.3 per cent.
The exit price per share represented a small discount to today’s closing price
of PLN 148 on the Warsaw stock exchange. As part of the transaction, the EBRD
has undertaken not to sell any further shares in Bank Pekao S.A for at least
six months.
The EBRD acquired its stake in 1998 as part of an effort to provide
institutional strength to Bank Pekao S.A. and help promote its growth in the
country. In 1999, a consortium of UniCredito Italiano SpA and Allianz
Aktiengesellschaft acquired a majority stake in the bank.
Bank Pekao S.A. has demonstrated its capacity to attract high quality local
and international investors. The EBRD’s sale should benefit the local capital
markets by increasing the free float of Bank Pekao S.A. shares. The EBRD
remains a significant investor in Bank Pekao S.A. and strongly supports its
further development.
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