WARSAW/FRANKFURT (Germany) (Reuters) - JPMorgan (NYSE:JPM) has been hired to advise Poland's mBank (WA:MBK), which is being sold by Commerzbank (DE:CBKG), with the German bank being advised by Goldman Sachs (NYSE:GS), two sources said.
Germany's second-largest lender has said it aims to sell a stake in mBank, in which it has a 69.3% holding worth about $2.65 billion. mBank is the fourth largest lender by assets in Poland, which is Eastern Europe's biggest economy.
"JPMorgan will be advising mBank in the sale process, while Commerzbank's adviser is Goldman Sachs. Potential bidders may emerge near the year end. This is a very attractive asset," a senior banking source said.
"Informal talks are taking place already, official sales process may start later this year or early next year," another person said, confirming the names of the advisers and adding that there was interest from within Poland and beyond.
mBank and Commerzbank declined to comment on Friday. JPMorgan and Goldman Sachs in Germany were not immediately available for comment.