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. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

Pension doubts

"Last year we did deals in the worst of times, yet investors tended to stay with us"

Krzysztof Walenczak, Polish treasury

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

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