PKO BP MATEUSZ GOLAB/WBJ

At zł.34.25 per share, Poland's State Treasury and state-owned Bank Gospodarstwa Krajowego (BGK) have sold shares of PKO BP worth zł.5 billion.

The number of the sold shares amounts to an 11.75 percent stake in the country's largest bank. Before the deal, the Treasury directly held 33.39 percent in PKO BP (excluding the BGK stake).

The Treasury Ministry earlier said it would reduce its holding in PKO BP to 25 percent. However, the bank will still be state-controlled - PKO BP's charter states that no other shareholder apart from the the Treasury may exercise a voting right of over 10 percent at its general meeting.

Poland A.M.