Poland's PKO plans cash call worth up to $5.3 bln

WARSAW, June 8 (Reuters) - PKO BP PKOB.WA, Poland's top bank by assets, plans to issue up to 650 million shares worth some $5.3 billion at current valuation, boosting the number of its shares by nearly two-thirds, it said late on Sunday.

Unlike many western banks, PKO's balance sheet is relatively healthy, but Poland's treasury has said it wants a capital boost to allow it to play a major role in helping the European Union's largest ex-communist member weather the economic storm.

PKO, in which the state holds a 52-percent stake, plans to increase the number of shares to as many as 1.65 billion from 1 billion, according to proposed changes released on Sunday.

Investors would have the right to subscribe new shares in September, the bank said.

If completed, the share issue, worth up to 17.4 billion zlotys ( $5.3 billion) at its Friday share price, would be the largest by a Polish company since PKO's 2004 initial public offering.

The bank's shareholders will vote on the proposal at their annual shareholders meeting on June 30.

Poland wants to maintain control of PKO after the cash call. State-owned BGK has indicated it would subscribe to the issue.

PKO and Hungary's OTP OTPB.BU are central and eastern Europe's only two major lenders not controlled by foreign banks.

(Reporting by Chris Borowski; Editing by Diane Craft)