Polish bank to bid for AIB’s stake

THE state-backed Polish bank PKO BP will place an offer to buy AIB’s 70% stake in Bank Zachodni WBK (BZ WBK) next week, ahead of the end of June deadline.

A top analyst at BNP Paribas warned that the deal could result in a loss of domestic funding as the authorities sell the zloty to pay for the deal in euro.

In that context the deal could represent a “substantial negative factor” for the Polish zloty warned BNP’s emerging- market strategists Shahin Vallee who is London based.