The EBRD has sold 1.37m shares (some 0.82% stake), at an average price of PLN 207.5-PLN 208.5, halving its remaining stake in Bank Pekao to 0.8%.
Our view: We view this news as slightly negative for the stock price today, as the market is also expecting an overhang of some 3.5m (2.1% stake) shares from PLL LOT (Polish airlines), though the timing of the transaction is still uncertain. However, this transaction might have been a part of an EBRD project, as the bank has recently stated that it will slowly withdraw its investments from more developed countries of the CEE region.