Intesa Sanpaolo, BNP Paribas Eye Eurobank Polish Unit-Sources
November 02 2010 - 11:54AM
Dow Jones News
Intesa Sanpaolo SpA (ISP.MI) and BNP Paribas SA (BNP.FR), two of
Europe's largest banks, are considering bids for the Polish
operations of Greece's EFG Eurobank Ergasias SA (EUROB.AT), senior
people familiar with the matter said Tuesday.
"Both Italy's Intesa Sanpaolo and France's BNP Paribas are
eyeing a stake in Polbank and currently conducting due diligence,"
one person familiar with the matter told Dow Jones Newswires.
"Eurobank is expecting preliminary bids Nov. 11, even though final
bids will take longer."
Eurobank, Greece's second-largest lender by assets, has
previously announced plans to seek a strategic investor for its
Polish operations and may sell a majority stake in the unit, a move
analysts say could net the bank some EUR400 million to EUR450
million.
"Eurobank is undertaking a series of moves to strengthen its
capital base, such as through the sale of a stake in its Polish
unit and the current merger with the Dias mutual fund [a closed-end
investment fund listed on the Athens stock exchange]," a Eurobank
official said earlier Tuesday while denying that the bank was
planning a capital hike.
According to Greek press reports, HSBC Holding PLC (HBC),
France's Credit Mutuel and Raiffeisen Bank International have are
also considering offers for Polbank.
-By Nick Skrekas and Sabrina Cohen, Dow Jones Newswires; +30 210
2830685; nick.skrekas@dowjones.com
(Sabrina Cohen reported from Milan; Alkman Granitsas in Athens
contributed to this article.)