ding 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 EB
RD. The agreement between PKO BP
RD has been signed on 20 April 2007.
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.