AIB dismisses sale of stake in Polish bank

AIB moved quickly yesterday to rubbish speculation that it is on the verge of disposing of its 70% stake in Polish Bank Zachodni WBK.

Merrion Stockbrokers analyst Séamus Murphy contacted AIB first thing yesterday to discuss speculation in the Polish press in Warsaw. In a note to clients yesterday, Mr Murphy said AIB appears very committed to ownership of its Polish franchise, contrary to rumours in the Polish press.

“We spoke with AIB management regarding rumours circulating in the Polish media that it was in talks with Bank Pekao regarding a possible sale of its 70% stake in Zachodni WBK.

“We understand that Allied Irish Banks remains committed to management control of its Polish franchise and that a dilution, or a sale, of this stake is highly unlikely over the medium/long term. This is in line with prior conversations we have had with AIB on its long term Polish strategy,” Mr Murphy said.

In Warsaw, AIB WBK Fund Management (AIB WBK FM), a company managing investment funds, has announced its acquisition of a 73% stake in EGB Investments, an enterprise specializing in vindication services.