Bank Pocztowy Plan to Raise Capital in IPO Is Backed by Owners

Bank Pocztowy SA has won support from Poland’s Treasury Ministry and state-controlled PKO Bank Polski SA, which owns a 25 percent of the postal lender, for its plan to sell shares in an initial public offering.

Pocztowy’s supervisory board last week approved the lender’s plan to raise at least 200 million zloty ($54 million) to expand consumer lending, rebuild its mortgage business and almost double its 300-outlet network to 560 branches by 2018, spokeswoman Magdalena Ossowska-Krason said by phone today.

“PKO supports Bank Pocztowy’s plans,” Lukasz Swierzewski, a spokesman for Poland’s largest lender, said in an e-mail Monday.

Pocztowy is controlled by the state-owned postal service, Poczta Polska SA. The government endorses Bank Pocztowy’s debut on the Warsaw Stock Exchange, Treasury Minister Wlodzimierz Karpinski told reporters Monday in Katowice, southern Poland.

For several years PKO has been trying to get the postal service to sell it more shares in Pocztowy, allowing PKO to tighten its grip on the retail-banking market by adding hundreds of small-town outlets. The post office has rejected that offer, saying it wants to buy PKO out and take full control of its banking unit.

Poczta Polska spokesman Zbigniew Baranowski wasn’t available Monday for an immediate comment.

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