April 6, 2016 / 5:25 AM / 3 years ago

Polish Alior Bank plans $587 mln share issue to finance BPH deal

WARSAW, April 6 (Reuters) - Polish bluechip lender Alior Bank plans to raise up to 2.2 billion zlotys ($587 million) from a rights issue of shares aimed at financing its flagged takeover of local rival BPH and to strengthen its capital base, Alior said on Wednesday.

The bank, controlled via a 25.2 percent stake by Polish insurer PZU, wants its shareholders to approve the issue of 220 million shares with pre-emptive rights for existing shareholders at a meeting called on May 5.

The issue comes after Alior agreed to buy BPH from General Electric for 1.225 billion zlotys and flagged more acquisitions this year. ($1 = 3.7497 zlotys) (Reporting by Adrian Krajewski; Editing by Muralikumar Anantharaman)

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