The Polish National Depository for Securities (KDPW) is opening a new operational link with the Bulgarian market. The link will enable Bulgarian companies to be listed on the Warsaw Stock Exchange (WSE).
On 15 February, KDPW and the custodian UniCredit BulBank signed an agreement providing for clearing and settlement of transactions in Bulgarian stocks to be listed on the WSE.
“The National Depository for Securities is actively supporting listing of foreign issuers in Poland, including in particular stocks from the largest markets of South-Eastern Europe. This is another step in the implementation of the KDPW Growth Strategy with its focus on active building of our position in Poland and Central and Eastern Europe,” said KDPW CEO Iwona Sroka.
The moves as part of KDPWs Corporate Strategy 2010-2013, which aims to establish new international operational links and improve the profitability of existing links.
“Many Bulgarian companies have expressed interest in the Warsaw Stock Exchange. Opening of the link with Bulgaria is the first step enabling their listing on the WSE. New foreign listings will allow WSE investors to diversify their investment portfolios. KDPW supports corporate actions of foreign issuers, for instance dividend payments,” said Sroka.
Currently, KDPW maintains 14 operational connections with foreign depositories, including six direct links between KDPW and a foreign depository, and eight indirect connections mediated by one of two international depositories (Clearstream Banking Luxembourg and Euroclear Bank) or a custodian bank (the Bulgarian link). It is the first operational link of this type between the KDPW and a foreign market.
KDPW is also supporting the development of a CEE financial hub in Warsaw and is currently developing a link with the Romanian market and with Canada.