A move for Millennium

26th November 2011

Reports in the news this week claim that Bank PKO BP and insurance leader PZU are ready to start purchasing banks.

According to TVN24, Portuguese-owned Millennium Bank is likely to be the first on the list after an announcement by owners BCP in July that it is up for sale.

The station claims there are two potential options, both of which could be implemented overnight. The first is to allow PKO BP to act as coordinator when converting the bank into a Polish company, with PZU offering financial support. The second options would involve the direct involvement, with regard to the capital, from both PKO BP and PZU. Both plans would provide significant commercial benefits to the two investors.

Rzeczpospolita states that any groups interested in the takeover should submit offers by the end of this week. Proposals from PKO BP and PZU are expected to be joined by French group BNP Paribas and Italian bank Inesta, however due to the current state of French and Italian banks, analysts believe these last two options are unlikely.