Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
29th November 2011
Little to no interest in Polish banking stakes for sale
Media reports suggest that Millennium bcp received no bids for its 65.5% stake in Bank Millennium. The deadline for bids to be made was last Friday. The bank is understood to have received preliminary bids in September from BNP Paribas, PKO BP and Pekao with Intesa Sanpaolo also expressing interest. Since then the deteriorating European financial situation and requirement to step up capital levels is thought to have dissuaded any from progressing their bids.
Simultaneously KBC is seeking to sell its 80% stake in Kredyt Bank. There were reports that Santander had bid for this stake though it too is having to increase capital and may think twice about progressing the bid.
The sale of the Polish controlling stakes is important for both banks concerned. Millennium BCP must increase its capital and cannot expect any string domestic economic growth, indeed more probable would be a fall in GDP. KBC is required to sell its stake in Kredyt as it restructures following the need for state aid during the banking crisis.