Alior BankSA on July 11 announced a tender offer for the sale of 50,600,821shares in Bank BPHSA, representing a 66% stake, for 31.18 Polish zlotys per share.

Bank BPH shareholders can subscribe to the offer from Aug. 1to Aug. 16. Alior Bank's brokerage house will act as the agent for the tenderoffer, which is pending approval from the Polish FSA. For the offer to becomeeffective, a minimum threshold of 39,288,005 shares would need to be met.

The offer is in accordance with the share purchase and demergeragreement that is part of the acquisition of Bank BPH's core business from General Electric Co.'s GE Capital.

The transaction is expected to be completed in the fourthquarter.

As of July 11, US$1 wasequivalent to 4.01 Polish zlotys.