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2011-12-23 - 12:08:00 - DJ UPDATE:Polish Privatization Official Walenczak To Step Down Dec 27

DJ UPDATE:Polish Privatization Official Walenczak To Step Down Dec 27

   By Marynia Kruk

(Adds quotes and details from the fourth paragraph.)

WARSAW (Dow Jones)--Krzysztof Walenczak, the Polish undersecretary of the treasury responsible for jump-starting the central European country's privatization drive, is leaving the ministry Dec. 27, he said Friday.

"The 27th is my last day," the former Lehman Brothers investment banker told Dow Jones Newswires.

He plans to return to the private sector after two years at the ministry and helping to sell $13 billion zlotys ($3.83 billion) worth of state assets.

Walenczak said his successor is likely to be someone with a similar background to himself.

"The government has done a lot for financial markets [in Poland]," Walenczak said. "Now financial markets need to do something for the government."

Working for the ministry is a form of civic service and Walenczak hopes someone from Warsaw's investment banking community will take up this mantle. "When the call comes, you have to take it," he said.

Poland's treasury ministry is still the main source of large initial and secondary offerings on the Warsaw Stock Exchange as, 20 years after jumping to a market economy, few organically grown, private sector companies are as large as state-controlled companies with communist era legacies.

It also promotes Warsaw as a regional financial center at multiple roadshows abroad, at conferences in the capital, and through its policy of encouraging retail Polish investors to become shareholders.

-By Marynia Kruk, Dow Jones Newswires; +48 22 447-2431;

(END) Dow Jones Newswires

December 23, 2011 07:08 ET (12:08 GMT)

Copyright (c) 2011 Dow Jones & Company, Inc.

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