UPDATE 1-Pekao seen As main contender 4 Commerzbank’s Polish bank – sources #Sources_SaidFebruary 6, 2020
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By Anna Koper and Arno Schuetze
Buyout fund Apollo submitted a first-round bid, but is viewed as having little chance against any bid from a Polish bank, the sources said.
Poland’s biggest bank, PKO BP, has so far not made an offer for mBank, Poland’s fourth-largest lender by assets, in which Commerzbank owns a 69.3% stake, the sources said, adding it may still do so at a later stage.
“Pekao has submitted a bid.
PKO BP is not bidding because it would not make any sense for state banks to compete in the process,” one source said.
Commerzbank confirmed a sales process for mBank had started, adding it would only sell for the right price.
Last year, Prime Minister Mateusz Morawiecki said he was in favour of increasing Polish ownership in reference to the mBank sale.
MBank has a market value of 15.75 billion Polish zlotys ($4.07 billion), which makes Commerzbank’s 69.3% stake worth well over 2 billion euros.
ING’s Polish unit, Santander Bank Polska and the local arm of BNP Paribas are at this stage watching the auction from the sidelines.
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