Share price of PKO Bank Polski SA

Share price of PKO Bank Polski SA at the Warsaw Stock Exchange

Price and volume of trading in PKO Bank Polski SA shares between 31.12.2009 - 30.12.2016

Change of PKO Bank Polski SA share price compared to WIG 20 indices in the period 01.01.2005-30.12.2016 (31.12.2004=100%)

The price of PKO Bank Polski SA’s shares increased by 3% in 2016, whereas:

  • the prices of: PEKAO SA’s shares decreased by 12.3%, ING BSK SA’s shares increased by 37.8%, BZ WBK SA’s shares increased by 11.3%, mBank’s shares increased by 6.8%,
  • WIG20 and WIG Banki indices increased by 4.8% and 2.9%, respectively.

Such changes in the prices of the banks’ shares at the WSE, including the prices of PKO Bank Polski SA’s shares, were mainly due to:

  • regulatory factors - in particular, the introduction of an additional burden, i.e. the bank tax, at the beginning of the year (which imposed a significant burden on the banking sector’s profit). On the other hand, the banks’ financial results improved as a result of a one-off inflow of funds from the transaction with Visa. The banks’ share prices were also affected by the planned regulatory solutions concerning borrowers having housing loans in CHF,
  • market factors - in particular, the historically low interest rate levels. Stable economic growth had a positive effect on banking activities.

Despite the prevailing adverse market factors, which have a structural effect on the profitability of the banking sector in Poland, the Bank focuses on achieving business results that are attractive for investors and adjusting its operational model to the new market environment in order to guarantee return on equity that exceeds the cost of equity, and thus to create value for the shareholders.

The PKO Bank Polski SA’s share price and capitalization compared to competitors

Changes in the price of PKO Bank Polski SA shares compared with the prices of shares of its rival banks in the period 01.01.2010 - 30.12.2016 (31.12.2009=100%)

Capitalization (as at the end of the period, in PLN billion)

Limitations on the shares of PKO Bank Polski SA

All the shares of PKO Bank Polski SA carry the same rights and obligations. None of the shares are preference shares, in particular in relation to voting rights and dividends. The Memorandum of Association of PKO Bank Polski SA restrict the voting rights of shareholders holding more than 10% of the total number of votes at the General Shareholders’ Meeting and forbids those shareholders to execute more than 10% of the total number of votes at the General Shareholders’ Meeting. The above limitation does not apply to:

  • those shareholders who on the date of passing the resolution of the General Shareholders’ Meeting introducing the limitation of the voting rights had rights from the shares representing more than 10% of the total number of votes at the Bank (i.e. the State Treasury and BGK),
  • shareholders who have the rights from A-series registered shares (the State Treasury), and
  • shareholders acting jointly with the shareholders referred to in point (ii) based on an agreement concerning the joint execution of voting rights from shares. Moreover, limitation of the voting rights shall expire when the share of the State Treasury in the Bank’s share capital drops below 5%.

In accordance with § 6 clause 2 of the PKO Bank Polski SA’s Memorandum of Association, the conversion of A-series registered shares into bearer shares and the transfer of these shares requires an approval of the Council of Ministers in the form of a resolution. Conversion into bearer shares or transfer of A-series registered shares, after getting the above mentioned approval, results in the expiry of the above mentioned restrictions in respect of shares subject to conversion into bearer shares or transfer, to the extent to which this approval was given.

Pursuant to Art. 13, clause 20 of the Act on Public Property Management, the shares of PKO Bank Polski SA held by the State Treasury cannot be sold. Furthermore, under Art. 14 of the above-mentioned Act, the shares of PKO Bank Polski SA (which has been classified as significant for the Polish economy based on the Decree of the Prime Minister on the list of companies significant for the Polish economy) held by the State Treasury cannot be donated to a local administrative unit or an association of local administrative units.