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Will Conflict with UniCredito Swell to Size of PZU Affair?
(From Polish News Bulletin)
Is Poland's Treasury Ministry's opposition towards a merger between leading banks Pekao and BPH likely to lead to a similar conflict to that with Eureko, the Dutch investor in insurance company PZU, asks Rzeczpospolita daily. Perhaps no, the daily writes, but Poland will certainly face a difficult legal battle.
Just before the Christmas break, Treasury Minister Andrzej Mikosz has called on UniCredito Italiano, the owner of Pekao to shed the shares in Bank BPH within a month. UniCredito had acquired BPH stakes after a merger with German HVB, the former owner of BPH. Mikosz called on UniCredito to its shed BPH shares citing the privatisation agreement of 1999, on the basis of which UniCredito had purchased Polish bank Pekao. In the agreement, the Italians had committed themselves not to purchase a bank operating in competition with Pekao in Poland.
A merger between Pekao and BPH would produce the largest bank in Poland. Today that position is held by state-controlled PKO BP. The governing Law and Justice (PiS) party is against the merger. The official argument repeated by PiS over and over again is that such a merger would hinder competition in the banking sector. "I want all contracts to be respected by the other party too, not only by the Treasury Ministry," said Andrzej Mikosz.
Though his ultimatum for UniCredito to shed BPH's shares sounded definite, he refused to say what would happen should the Italian investor fail to follow the instruction. UniCredito refuses to comment on the situation as well. So far the bank is still waiting for permission from the Polish banking market regulator (KNB) to exercise the right to vote at the general meeting of BPH shareholders.
Though Poland's Treasury Ministry is against the merger between Pekao and BPH, in practice it does not have the power to hinder the process. Should UniCredito fail to sell BPH's stake, Poland would be authorised to claim compensation, but it would be hard to prove measurable and direct damages. According to Marcin ...
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