Meritum Bank Ready for New Investor
The institutions which are interested in Meritum Bank (formerly BWE) are presently finishing their investigation of the institution’s financial condition. “Rzeczpospolita” reveals that among the potential purchasers there is a bank and a private equity fund. Innova Capital partner Krzysztof Kulig admits that there are a few candidates. “The process in still under way, yet it is difficult to state if the transaction will be completed in two weeks or two months,” he says. Innova Capital is the bank’s main investor. Last year the fund signalled that it would rather sell a minority share package than give away control of the bank. Today, however, Innova’s representatives admit that abandoning the bank is being considered as an option. “It will all hinge on the negotiations with our partner.” Meritum has not revealed last year’s results. In 2008 it suffered nearly ZL20m loss while its core funds’ value reached a mere ZL68m.