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EBRD sheds part of Bank Zachodni WBK stake.

MANews-(C)2009-2013

30 October 2013 a[euro]" London-based European Bank for Reconstruction and Development (EBRD) on Wednesday said it had completed an offload of a portion of its holding in Poland's Bank Zachodni WBK SAA (WAR:BZW) through a share placement.

EBRD sold a 0.64% interest in the Polish bank via an accelerated bookbuild offering to institutional investors, handled by Deutsche Bank AG (ETR:DBK).

It kicked off the deal after market close on the Warsaw bourse yesterday, managing to place the shares at a price a bit lower than Zachodni's closing price of PLN385.00 (USD126.35/EUR91.95).

EBRD said it sold the stock amid robust investor demand and in keeping with its continued commitment to the lender.

The offering drew strong interest from Polish as well as UK, US and other foreign investors, the vendor added.

After the transaction, EBRD is left with a 1% stake in Zachodni, which is subject to a 180-day lock-up.Country: PolandSector: Banking/Financial ServicesTarget: Bank Zachodni WBK SABuyer: Unnamed buyersVendor: The European Bank for Reconstruction and Development (EBRD)Type: DivestmentStatus: Closed

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Publication:M & A Navigator
Date:Oct 30, 2013
Words:182
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