The European Bank for Reconstruction and Development (Ebrd) has sold its entire remaining stake of 2.9% in BNP Paribas Bank Polska for 675 million zlotys, triggering a 5.4% drop in the bank’s share price on Friday.
The transaction, completed through an accelerated book-building process on the Warsaw Stock Exchange, involved 4.355 million shares sold at 155 zlotys each. The sale marks the final step in the Ebrd’s exit from the Polish lender after initially acquiring a 4.5% stake in 2018 to support BNP Paribas Polska’s acquisition of Raiffeisen Bank Polska’s assets.
In July 2025, the Ebrd had already sold 1.6% of the bank’s shares. With this latest disposal, the international financial institution has fully divested from BNP Paribas Polska. The bank’s majority shareholder remains the French group BNP Paribas, which holds 74.97% of shares.
A strategic exit after years of support
The Ebrd’s original investment in 2018 was designed to facilitate a major consolidation in the Polish banking sector. By taking a minority stake, the bank helped BNP Paribas Polska absorb the Polish operations of Raiffeisen, a deal that strengthened the French group’s position in the country. The Ebrd’s exit now signals confidence that the bank is stable and profitable without further institutional backing.
The market reaction, however, was negative. Shares of BNP Paribas Polska fell as much as 6.6% during the session before recovering slightly to close at 154.20 zlotys, down 5.4%. The stock was the worst performer on the Warsaw Stock Exchange that day.
Ebrd’s broader investment footprint in Poland
Beyond the banking sector, the Ebrd has been a significant investor in Poland. In 2025 alone, the bank committed 1.36 billion euros to projects across the country. Since 1991, its total engagement has exceeded 16.9 billion euros across 600 projects, with 95% directed to the private sector.
The sale of the BNP Paribas stake does not signal a withdrawal from Poland, the Ebrd said. The institution continues to support Polish enterprises, particularly in green energy, infrastructure, and innovation.
Źródło: WNP.PL, Fot. OleksSH / Shutterstock
