Partial exit follows integration process into Grupo Financiero Santander
The EBRD has today further reduced its equity stake in Bank Zachodni WBK S.A. (BZ WBK), one of the three leading banks in Poland. The Bank sold 467,725 shares or 50 per cent of its residual stake through an accelerated bookbuild offering on the Warsaw Stock Exchange.
The transaction was successfully launched after the market’s close on the Warsaw Stock Exchange on 3 December 2014 via bookrunner Deutsche Bank AG, London Branch, and was completed at a very small discount to the closing price that day. The sale attracted strong interest and demand from a broad mix of institutional investors both in Poland and internationally.
Lucyna Stańczak-Wuczyńska, EBRD Director for Financial Institutions and EU Banks, said: “We have further reduced our stake in BZ WBK owing to the successful development of the bank following its acquisition of Kredyt Bank, and the significant progress with its integration into Grupo Financiero Santander. The EBRD is very pleased with the bank’s results thanks to the outstanding performance of management and staff in a challenging environment. While the bank’s strength allows us to reduce our stake, we remain committed to BZ WBK and will support the bank as and when required.”
Since the beginning of its operations in Poland in 1991, the EBRD has invested €7 billion in more than 330 projects in the country. In addition to its wide product range for banks and companies, in recent years the Bank has also built a growing portfolio of investments (both equity and debt) in the Polish financial sector, for which demand remains high.