PKO Bank Polski’s bid for a majority stake in AIB’s Bank Zachodni WBK may be a “substantial negative factor” for the Polish zloty if the deal goes through, BNP Paribas wrote in a note to clients yesterday.

The transaction would mean the zloty would face “significant outflow” in the coming months as the Polish bank would have to pay for the stake in euros, say BNP strategists.

AIB is selling a 70 per cent stake in Zachodni. – (Bloomberg)