Poland will push for a domestic group to buy Bank Zachodni WBK from AIB to reduce the heavy foreign involvement in the sector, a government source said today.
Some officials are concerned that in the event of another financial crisis, foreign owners may withdraw funds from their Polish units or could bring lending to a halt.
Several European players, including BNP Paribas and Santander, are expected to bid for AIB's 70% stake in BZ WBK, which it put up for sale in an effort to improve its capital position.
The source said state-controlled lender PKO BP is very interested in the stake, but the government is looking at assembling an alternative bid that may include institutions from outside the banking sector.
Another deep-pocketed player named as a possible local bidder is Eastern Europe's top insurer PZU, although its chief executive has insisted he was not interested in creating a bancassurance group.
Poland's financial regulator has said he would not let a foreign bank which got government aid buy BZ WBK, one of the country's best performing lenders with a market capitalisation of $4.3 billion.
Citing unnamed sources, Polish papers have reported that PKO BP, Poland's top bank, would lead any state-sponsored group to bid for BZ WBK, possibly alongside other financial investors.
About 70% of Poland's banking assets are owned by foreign companies such as Italy's UniCredit, Germany's Commerzbank and US-based Citigroup.
