According to PAP, Rafal Juszczak, CEO of
PKO BP, has stated that there will be no share issue. Instead, the expected capital increase, in the next five years, will be made in the form of
eurobonds issue, with the first tranche most probably already in the 1H08.
Our view:
Last month
PKO BP representatives have stated that the bank would consider a capital increase at the beginning of next year, to support its credit portfolio expansion. At that time, the share issue was mentioned as one alternative. We would expect the news to have a some positive impact on the stock price, as the new share issue has been rejected.