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Poland favours selling stake in PKO to institutions over SPO

WARSAW, Oct 10 (Reuters) - Poland would prefer selling a stake in its top lender PKO BP only to financial institutions, rather than through a secondary public offering directed at the whole market, a government official was quoted as saying on Wednesday.

The country directly and indirectly controls 43.6 percent of the bank but has aid in the past that it would be satisfied with a 25 percent stake.

"In the case of companies such as PKO BP, it seems more appropriate to sell stakes directly through the market to wholesale institutional investors rather than organising a broadly available public offering," Deputy Treasury Minister Pawel Tamborski said.

"Retail investors would probably expect special incentives, for example a discount against the current share price, which would destabilise it," he told daily Gazeta Wyborcza in an interview.

After selling a 7 percent stake in PKO for 3.2 billion zlotys ($1.01 billion) in July, Poland has a lock-up that blocks it from selling a further stake for 180 days since the day of the transaction.

The Treasury, which oversees state assets, plans to raise 10 billion zlotys from privatisations in 2012 and add a further 5 billion in 2013. This year's privatisation receipts currently exceed 8 billion zlotys. ($1 = 3.1639 Polish zlotys)

(Reporting by Maciej Onoszko; Editing by David Cowell)

((maciej.onoszko@thomsonreuters.com)(+48 22 653 97 11)(Reuters Messaging: maciej.onoszko.reuters.com@thomsonreuters.net))

Keywords: POLAND PKO/