Even more noticeable is that practically all of that huge volume has stemmed from the banking sector. The deal will complete a set of stake sales from Poland's top three banks inside the first quarter. The Polish treasury sold a PLN5.24bn stake in PKO in January, as part of the state's privatization programme. That was followed the same month by a PLN3.7bn divestment by Italy's UniCredit from its holding in the country's second-largest lender, Bank Pekao. Despite the elevated risk of an overhang in the sector, BZWBK offered a standard lock up of 180 days following the closing.