According to Polish daily Rzeczpospolita, Aviva International Insurance and BZ WBK had obtained the approval to buy 10% stake in PTE CU pension fund from Bank BPH. Aviva International Insurance has obtained an approval to buy 1,218 shares (8.9%) and BZ WBK has obtained an approval to buy 152 shares (1.1%). According to Polish daily Parkiet, the transaction should be finalised in 2Q07.
Our view: According to previous statements the transaction price was set at PLN 200m (1,370 shares x PLN 145,985.4/share), implying an estimated pre-tax gain of PLN 179m. We expect the news to have a positive impact on the stock price of Bank BPH at it may imply that the profit will be booked by the bank before the merger with Bank Pekao.