The Deal

The president of the Competition and Consumer Protection Office (UOKiK)Cezary Banasiński has finally given the green light to the purchase of shares in Bank Pocztowy by the largest domestic retailer PKO BP. In his announcement Banasiński declared that PKO BP's control over 25% of votes during a shareholders meeting in Bank Pocztowy will not lead to a reduction in competitiveness on the market. PKO BP plans to purchase the shares from Prokom Investments. Following the decision from UOKiK and the signing of the contract in June, there are now no more administrative barriers to the transaction. Although the official value of the operation was not disclosed, it is estimated at between zł.180-190 million. Around three years ago Austria's Raiffeisen Bank estimated the value of the whole company at zł.400 million.