The new issue by PKO Bank Polski has been the largest rights issue on the Polish market this decade. The offer’s success confirms that PKO BP shareholders made the right decision to issue new shares. On 22 April 2008, the Council of Ministers gave qualified consent for PKO BP privatisation. It was agreed that, in 2009, PKO BP will issue new shares in order to increase the share capital as an element of the company’s expansion plan. On 30 June 2009, the General Meeting of Shareholders of PKO BP adopted a resolution on the issue of new shares with a subscription right. The decision was made based on the successful first stage of PKO BP’s privatisation – its stock debut in 2004 was thus far the most important debut on the Warsaw Stock Exchange. Since the Ministry of the Treasury does not intend to increase its share in the bank, the Treasury’s subscription rights due to its holding (51.24%) were sold to BGK.

PKO Bank Polski is the largest Polish bank. It is the pillar of the Polish economy, which helped to maintain its stability during the crisis. This position shows how strong the sector of financial institutions is in Poland, and further development of the bank is important from the point of view of the entire economy. The funds obtained from the new issue of shares will amount to PLN 5.125 billion and will used by the bank mainly to finance new lending.

The offer, amounting to more than PLN 5 billion, also means a significant increase of the Warsaw Stock Exchange capitalisation, confirming investors’ confidence in the Polish capital market, to which also each new issue contributes. This is especially important in the context of strengthening the position of the Warsaw Stock Exchange and the creation in Poland of the financial centre of the region. Additionally, such a large offer with participation of foreign investors increases the importance of the Polish capital market globally.