American multinational conglomerate General Electric (GE) has offloaded 1.47m or 1.9% of shares of its Polish banking unit Bank BPH at PLN42.5 ($13) per share.
BPH said that the sale, which worth nearly $19m, was completed to honor commitments GE made to the Polish financial regulator to increase the bank’s free float, according to Reuters.
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BPH has been under the special measures, which involve providing financial projections and action plans to the watchdog, since 2010 after it sustained losses.
Prior to the transaction, GE owned an 89.16% stake at BPH.
GE, in November this year, revealed its plans to divest its stake in its unit BPH as part of its strategy to retreat from finance industry.
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