EN S.àr.L. Holdings, a subsidiary of private equity fund managed by Abris Capital Partners, realizing the decision of the Financial Supervision Commission, today sold all its shares in PBP Bank SA FM.
The shares are purchased PBP FM Bank is a subsidiary fund managed by Anacapa Financial Partners LLP, a European private equity fund specializing in investments in the financial services sector.
Sale of the shares of FM Bank is the result of KNF decision, which ordered the sale of all the shares held by the Bank FM PL Holdings until 30 April 2015., in connection with the alleged non-compliance with EN Holdings investor commitments made to the Financial Supervision Authority.
PL Holdings and Abris disagree the decision of the Financial Supervision Authority and submitted to the Polish Financial Supervision Authority for its reconsideration. To date, this proposal has not been acted upon, and according to the letter received by UK Holdings on 28 April 2015. KNF is planning to examine it before 23 June 2015. Whatever submitted for its reconsideration decision is a binding KNF thus PL Holdings and Abris were forced to implement it, which they did by selling today all owned by PL Holdings FM shares of the Bank.
– We have tried to do everything in our power to fulfill the decision of the Financial Supervision Authority and sell all the shares of the bank by the end of April 2015. It worked, but certainly we are not satisfied with the price they gained in the process. It does not reflect the real value of the bank, and is a direct result of the forced situation in which we find ourselves, as the seller is not of their own volition. This price also has nothing to do with the value that we planned to get from the sale of the bank’s shares through the IPO in 2018 – said Paul Gieryński, senior partner at Abris Capital Partners.
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