AIB to sell stake in Polish bank

AIB is expected to sell its €2.8 billion 70.47% stake in Warsaw-based Bank Zachodni WBK in the fourth quarter or the first quarter of next year, chief executive of the Polish bank, Mateusz Morawiecki, said at a news conference in Warsaw.

However, Davy’s Stephen Lyons said AIB will not be rushed into a sale of this prized asset at a fire-sale price, stressing that AIB only needs to have a disposal agreement in place by year-end.

BZ WBK reported net profit of 233 million zloty (PLN) (€59.32m) in the first quarter, up from PLN119m a year earlier and in line with an average PLN234m forecast from seven analysts.