Bank Zachodni talks with investors over AIB stake
MANAGEMENT at Bank Zachodni have held four meetings with investors eyeing up AIB's 70pc stake in the Polish bank, it emerged yesterday.
Bank Zachodni chief executive Mateusz Morawiecki confirmed the meetings yesterday, as the bank unveiled second-quarter profits of 250 million zloty (€62.4m).
The results were marginally behind expectations, but most attention was focused on commentary around the sales process, which is expected to be completed by mid-August.
At a Warsaw press conference, Mr Morawiecki confirmed he had held four meetings with potential investors, but said the Polish bank had no information about the "stage reached" by the sales process.
The field for the Polish bank was narrowed to a shortlist of four earlier in the month, with Polish bank PKO, France's BNP Paribas, Spain's Banco Santander and Italy's Intesa Sanpaolo all featuring.
Analysts in Ireland were broadly positive on the AIB implications of yesterday's Bank Zachodni results, with NCB's Ciaran Callaghan describing the figures as "solid" and something that "should help AIB's position".
"Thankfully, there are no surprises in these results," Davy's Stephen Lyons told clients, adding that the numbers would "reinforce the attractiveness" of AIB's stake despite "disappointing" loan losses. (Addi-tional reporting: Bloomberg)