According to an official statement, Bank
PKO BP has received permission from the National Bank of Ukraine for the purchase of shares in Kredobank owned by
EBRD. The agreement between
PKO BP and
EBRD has been signed on 20 April 2007.
Our view:
We find the news as positive for
PKO BP as Ukrainian Kredobank is a strategic investment for the state owned bank.
PKO BP sees expansion on Ukraine market via organic growth of Kredobank, aiming for a position in the top 5, with the focus on retail lending. The level of investment has reached US$50 m last year and is expected to reach US$ 35m this year. Though the news is positive for the Polish Bank we don’t expect significant trading impact on the stock price today as the CB decision was well expected by the market.