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Polish regulator confirms 2018 IPO deadline for RBI's Polish unit

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Polish regulator confirms 2018 IPO deadline for RBI's Polish unit

The Polish Financial Supervision Authority confirmed the May 15, 2018, deadline for Raiffeisen Bank International AG to list at least 15% of Raiffeisen Bank Polska SA on the Warsaw Stock Exchange.

The regulator said Oct. 17 that it is currently not analyzing the possibility of changing the date, and pointed to potential sanctions that it could consider against RBI, including stripping it of voting rights and an order to sell the unit's shares, if the deadline is not met.

Puls Biznesu reported Oct. 15 that RBI plans to remove Raffeisen Bank Polska's CHF loan portfolio from its balance sheet before the IPO, but in exchange wants the regulator to extend the listing deadline, possibly until May 2019.

RBI is supposed to float the Polish unit under a commitment made to the FSA with regard to the purchase of Polbank EFG SA in 2012. The IPO deadline has been moved several times. The Austrian bank failed to meet the previous, June 30 deadline because of insufficient interest from investors, after which the FSA set the May 2018 deadline, refraining at the time from sanctions against RBI in order not to weaken the effectiveness of the IPO process.