mBank's parent Commerzbank approves strategy; seeks to sell lender

Marcin Kaliński/PAP

Listed lender mBank's German parent Commerzbank approved a new business strategy assuming the sale of majority stake in the Polish unit, mBank said in a market filing out Thursday evening.

". . . the new business strategy "Commerzbank 5.0" has been approved by Commerzbank's board of managing directors and supervisory board," the filing read. "The new strategy foresees, among other things, the disposal of Commerzbank's majority stake in the Company."

Commerzbank holds a ca. 69.33% stake in mBank.

The news of Commerzbank's plotted sale of mBank have been raising heads since the German lender first signalled the plan a week ago.

Financial market regulator KNF head Jacek Jastrzebski told PAP this week mBank's potential buyer must "have a good, verifiable reputation, healthy financial situation, adequate financial means and appropriate experience in running banking operations of a scale comparable to the bank being sold."

The media speculate Polish potential buyers could include state controlled heavyweights PKO BP and Pekao, but neither bank was willing to comment on their interest in the transaction. Speaking to the speculations, PM Mateusz Morawiecki recently remarked that Poland's state-owned banks may eye the potential purchase of mBank, but they need not pursue the deal as "today it is not a priority issue".

Poland's governing party PiS stated in its campaign platform ahead of October 13 elections that it would take an opportunistic approach to advancing Polish ownership of Polish financial institutions.