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Commerzbank Calls For The Sale Of Shares

Commerzbank, which controls a 50% stake in BRE Bank on Tuesday called for the sale of shares offering 85.91 zlotys a piece, Rzeczpospolita reported. The German investor who recently received an agreement from the Commission of Banking Supervision (KNB) allowing it to increase its financial engagement in BRE Bank up to 75%, plans to purchase a stake of only 10%.

Commerzbank offered the lowest price possible, as the regulations state it cannot be set below the average price, which has been traded on the Warsaw Stock Exchange over the last six months.

This fact did not seem to surprise sector analysts who showed an interest into why the bank is only interested in the purchase of a 10% stake, as if it decided to later buy additional shares the price would be much higher.

According to Marcin Materna from the brokerage house of Bank Millennium, not many investors will be willing to sell their stakes, as the shares are currently traded at 106 zlotys.

(NewsBase 09.x.03)

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