Poland's financial regulator expects Raiffeisen Bank International AG to float Polish unit Raiffeisen Bank Polska SA on the Warsaw Stock Exchange by the end of June 2017, in line with its earlier commitments, PAP reported Dec. 8, citing a spokesman for the regulator.
The comments came after talks over the sale of the business to Alior Bank SA collapsed, which occurred shortly before Alior controlling shareholder PZU SA and the Polish Development Fund agreed to purchase a 32.8% stake in Bank Pekao SA from UniCredit SpA.
RBI promised the Polish FSA that it would float a chunk of its Polish business when it took over Polbank EFG SA in 2012. In 2015, the FSA agreed to forgo the IPO commitment if the Austrian parent sold the unit's core business to a Polish-listed bank by the end of December 2016. RBI pledged at the same time to list the bank by the end of June 2017 if it failed to meet the December deadline.
RBI worked on plans for an IPO of the Polish unit while conducting sale negotiations and will now resume preparations to float the lender, a spokeswoman told Reuters on Dec. 7.