According to PAP, Wojciech Jasinski, Polish Treasury Ministry, has maintained his support for the candidacy of Kazimierz Marcinkiewicz - former Prime Minister, for new CEO of PKO BP.
Our view: The official list of candidates should be known to the market around January 16, as this is a deadline to apply for the positions of CEO and 2 board members, which will be followed by an interview process and finally a regulatory approval process. Although a lack of relevant experience may prove to be a barrier to the candidacy of Marcinkiewicz for the CEO post of PKO BP, there have been optimistic statements on the probability of his receiving for regulatory approval from the Minister of the State Treasury Jasinski.
Although Marcinkiewicz lacks the required two years of management experience in the banking sector, the PiS has appointed 4 of 7 members of the Banking Supervisory Commission. Over the holiday period, former PM Kazimierz Marcinkiewicz announced he will be applying for the post. Whilst the appointment of Marcinkiewicz is likely to be viewed negatively by the market, any trading impact is likely to be muted, due to the long period of uncertainty and with a politically motivated decision process already priced in.