Polish Pekao Eyes Raiffeisen Unit but Says Price Too Steep -CEO
February 11 2015 - 10:37AM
Dow Jones News
By Patryk Wasilewski
WARSAW--Poland's second-largest bank by assets Pekao SA (PEO.WA)
is considering taking over Raiffeisen Bank International's (RBI.VI)
local unit, Pekao's chief executive Luigi Lovaglio said on
Wednesday.
However, Mr. Lovaglio said the price expectations of the Polish
bank's Austrian owners are too steep and "paying more than book
value for any bank is not a part of our strategy."
Raiffeisen Bank said late Monday that it was planning to sell
its Polish operations, Raiffeisen Polbank, because to reach its
desired market share would require excessive investment.
Raiffeisen Polbank is the country's eighth-largest bank by
assets.
Write to Patryk Wasilewski at patryk.wasilewski@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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