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BNP Selling 6% Of Polish Bank: Positive But Immaterial

FINANCIALS

BNP selling 6% stake in Polish unit (BNP FP) and (BNPPPL PW). Credit positive (on capital release) but immaterially small.


  • BNP owned 87.4% of BNP Pank Polska, having bought the stake in 2015 (when it was called BGZ). Polish banks have been great equity performers over the last year with BGZ up 122% against Eurobank index +27%.
  • BNP had previously indicated it wanted to increase the free float of the equity (and likely generate some gains).
  • BNP’s Polish business <2% of group and this is a sale of 7% of that… so, at group level, immaterial.

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