February 2011
Poland: Warsaw gears up for new privatization round
Poland is pushing ahead with plans for a new round of privatizations as bankers dismiss suggestions that changes to the state pension system could put a dampener on Warsaw’s booming equity market.
On January 17 the treasury ministry awarded mandates for the first of three listings due in the first half of this year. Citi and UBS will act as global coordinators for the sale of the government’s 37% stake in Bank Gospodarki Zywnosciowej (BGZ), the lender majority owned by Rabobank.
The BGZ deal could raise up to Z2 billion ($695 million) but is likely to be overshadowed for international investors by the Z3.5 billion to Z5 billion IPO of coal producer JSW. The government also...
