ALLIED Irish Banks intends to take a majority stake in the Polish bank, WBK, in which it currently has a 36.3 per cent stake. In WBK's headquarters yesterday, AIB chief executive Mr Tom Mulcahy said that the bank intended to exercise its option to acquire the 23.9 per of WBK held by the European Bank for Reconstruction and Development (EBRD).
Mr Mulcahy did not say when AIB intended to exercise its option which can be exercised at any time up to January 31st, 2000.
If and when AIB does increase its stake in WBK to over 60 per cent by buying out the EBRD shareholding, it will then be bound under Polish law to make a bid for the remaining shares. So far, AIB has invested £50.7 million in WBK - an initial £13 million for a 16.3 per cent stake and a further £38 million when the Polish government sold 20 per cent of WBK earlier this year.
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