Warsaw Stock Exchange (WSE) and Aquis Exchange have announced they have entered into an agreement to form an alliance.
WSE, the largest exchange in central Europe, will acquire shares representing 30 per cent of the total vote at the Aquis Exchange general meeting as well as the same share of the firm's dividends. It will now have a right to nominate two non-executive directors to the Aquis board of directors.
The total transaction value of the agreement is £5 million and will be covered by the financial reserves of the Polish exchange.
According to the WSE, the investment aims at diversifying sources of its revenues and will strengthen its recognition and international position in the global markets.
The agreement is in line with WSE's strategic interest in developing a financial hub for central Europe in Warsaw.
Adam Maciejewski, president and chief executive officer of WSE, said: "The Polish capital market creates huge opportunities for WSE and is definitely our main focus."
By Asim Shah