* Price range set at 66-90 zlotys per share
* Values IPO at $398-$541 million
* Pegs BGZ worth at PLN 2.85-3.9 bln, No.10 in Warsaw
(Changes dateline, adds details, analyst comment)
By Piotr Bujnicki and Kylie MacLellan
WARSAW/LONDON, May 4 (Reuters) - Polish mid-sized lender BGZ set a wide price range for its initial public offering (IPO), sources close to the transaction said, valuing the share sale at a maximum 1.44 billion zlotys ($541 million).
The bank, majority-controlled by Dutch Rabobank, pegged the maximum price in the offer at 90 zlotys per share in its issue prospectus. Sources said the bottom of the range was set at 66 zlotys.
That values BGZ, jointly owned by Rabobank and Poland, at 2.85-3.9 billion zlotys, making it the No.10 Polish bank listed on the Warsaw bourse, ahead of only the illiquid BOS.
BGZ's management painted a bright future for the lender and signalled it would not be paying dividend to finance growth.
"The bank is on a growth path. Balance sheet, performance, number of clients are all to grow... All of our profits will be used to finance growth," BGZ's chief executive Jacek Bartkiewicz said on a Wednesday press conference.
Poland is selling its whole 37-percent stake in BGZ in the listing, due to be completed on May 27, as it aims to gather 15 billion zlotys in privatisation revenues this year needed to help finance the country's budget deficit.
The deficit in the European Union's largest post-communist economy is planned at 40.2 billion zlotys for this year and a maximum of 35 billion for 2012.
(Additional reporting by Marcin Goclowski; writing by Patryk Wasilewski; Editing by Erica Billingham)