POLAND: SHARES IN POLAND'S LARGEST LENDER PKO BANK POLSKI GO ON SALE TO RETAIL INVESTORS

Record ID: 566273

  • Title: POLAND: SHARES IN POLAND'S LARGEST LENDER PKO BANK POLSKI GO ON SALE TO RETAIL INVESTORS
  • Date: 11th October 2004
  • Summary: (EU) WARSAW, POLAND (OCTOBER 11, 2004) (REUTERS) 1. WIDE PKO BP BANK IN CITY CENTER 0.06 2. ENTRANCE WITH LINE OF PEOPLE 0.11 3. CLOSE OF ENTRANCE 0.16 4. LINE OF PEOPLE BEFORE BANK 0.21 5. POLICE IN FRONT OF BANK 0.27 6. PEOPLE WAITING 0.31 7. CU: BANK REPRESENTATIVE TALKING TO PEOPLE BEHIND BANK DOOR 0.36 8. SOUNDBITE (Polish) CLIENT WAITING IN LINE, SAYING: "I'm standing since five am and I probably will not buy these shares." 0.40 9. WS: INTERIOR BANK 0.45 10. CLOSE PKO BP LOGO 0.50 11. WOMAN AT BANK WINDOW 0.55 12. SCU: BANK TELLER HANDING FORM 1.00 13. SOUNDBITE (Polish), GRAZYNA BONDAR-NALAZEK, DIRECTOR OF III RD BRANCH OF PKO BP, SAYING: "The sales of the privatization deposit started today, Monday October 11th, at 8:05 am, but interest was shown in the form of queues since Thursday. It's hard to say how they were organized, they must have been some sort of social lists. Anyway, the people are very disciplined, organized and they are not interfering with sales." 1.23 14. CLIENT BUYING PRIVATISATION DEPOSIT 1.28 15. CLOSE CLIENT HOLDING DEPOSIT RECEIPT 1.32 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 26th October 2004 13:00
  • Keywords:
  • Location: WARSAW, POLAND
  • Country: Poland
  • Reuters ID: LVA823VTS1I4X4O4E0XCB1LSEH7W
  • Story Text: Buyers line up in the cold to purchase shares as
    Poland's largest bank PKO Bank Polski privatises.


    Shares in Poland's largest lender PKO Bank Polski
    went on sale on Monday (October 11) to retail investors,
    some of whom spent the weekend queuing despite a cold snap
    that sent temperatures below freezing. But analysts said it
    appeared many investors were looking to make a quick
    profit, meaning a wave of shares could hit the market soon
    after trading begins next month.

    On Sunday, the government decided to increase by half
    to 1.1 billion zlotys ($313 million) the pool of shares
    offered to private investors on a first-come, first-served
    basis through "privatisation deposits" in the initial
    public offering (IPO), which is worth an estimated $1.5
    billion.

    The deposits allow investors who do not have investment
    accounts with stockbrokers to participate in the offering.

    Queue committees began forming outside PKO branches
    last week. The ad hoc committees, like those which were
    formed for buying scarce goods during the communist era,
    gathered signatures from would-be investors and stood guard
    around the clock to stop queue jumpers.

    "I'm standing since five am. And I probably will not buy
    these shares" said a man who decided to buy the
    privatization deposit on his own.

    Investors who manage to buy the privatisation deposits
    will get discounts of up to 4 percent off the price offered
    to institutional investors in Poland's biggest-ever IPO.

    Those who miss out can also buy through ordinary brokerage
    accounts.

    To encourage longer-term investments, the government
    will give out one free share for every 20 held for at least
    a year.


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