According to PKO BP official statement Jacek Oblekowski, management board member responsible for retail has resigned as of January 31. The supervisory board has decided that Wojciech Kwiatkowski, currently responsible for treasury and cooperation with Polish Post will take over retail banking.
Additionally, the bank has informed that Jerzy Osiatynski, supervisory board member has also resigned as of January 31.
Our view: Given the harsh competitive situation at the retail market, we view the news as negative. Moreover the major Polish bank has currently 4 management board members, including acting CEO Marek Gluchowski (head of supervisory board), after losing most of the management board members, who had either resigned or had been replaced by the state treasury.