The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Poland: Warsaw gears up for new privatization round

Banks mandated for BGZ listing; ‘Pension changes won’t impact demand’

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 plans to sell up to 100% of a newly created real estate fund, PHN, that will combine state holdings in commercial, residential and hospitality property, while dealers say that secondary offerings in recently privatized companies such as PKO, PZU and Tauron could be on the cards.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree