Poland - Factors to Watch Aug 29
Following are news stories, press reports and events to watch that may affect Poland's financial markets on Monday. ALL TIMES GMT (Poland: GMT + 2 hours):
PEKAO
Poland's PZU is confident about reaching a deal to acquire UniCredit's Polish unit Pekao by the end of October. State-run PZU wants to pay no more than 3 billion euros for UniCredit's stake, while UniCredit expects an amount closer to 3.5 billion euros, Financial Times reported on Sunday.
State-controlled lender PKO BP may form a consortium with PZU to buy Raiffeisen's Polish assets, Dziennik Gazeta Prawna daily reported. PZU would take over banking assets of Raiffeisen Polbank, while PKO would get Raiffeisen Leasing, it said.
2016 BUDGET DEFICIT
Poland sees its 2016 budget deficit at 42 billion zlotys ($10.85 billion), down from 54.7 billion assumed in the initial plan last year.
The changes came from lower spending thanks to "natural savings" on state projects and higher dividend payout from the central bank, Poland's finance ministry said in a 2017 budget draft.
PKO BP
Poland's largest lender PKO BP reported on Monday a 24-percent rise to 874 million zlotys ($226.27 million) in its second quarter net profit year-on-year, thanks to one-off gains on Visa Europe shares sale.
JSW
Poland's troubled JSW, the European Union's biggest coking coal producer, published a restructuring plan on Friday aimed at helping it become profitable in the long term. JSW said that as part of the plan it wants to sell selected assets and raise funds by mid-2017, most of it in Q4 of 2016.
CPI TARGET
Rate-setter Grazyna Ancyparowicz told PAP news agency that there is no need to talk about lowering the Monetary Policy Council's inflation target of 2.5 percent, despite persisting deflation, central bank's portal obserwatorfinansowy.pl reported.
****Reuters has not verified these stories and does not vouch for their accuracy.****
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