Warsaw (Puls Biznesu) – The Ministry of the Treasure (MSP) gives UCI three months to sell Bank BPH. It threatens to take legal steps otherwise.
The ministry sent another letter to Unicredito (UCI) demanding the Italians to observe the privatization agreement signed when it bought Peako bank. The ministry does not accept UCI’s arguments.
“The thesis presented in your letter are contrary to the provisions of the agreement. Art. 3 paragraph 9 of this document says that as long Unicredito has at least 10 percent in Pekao it will not engage directly of indirectly in business which would be competitive to Pekao’s activity”, the letter sent to Italians yesterday said.
The ministry believes that UCI broke the agreement when it bough HVB, which in Poland controls Bank BPH. MSP reminds that in the privatization agreement signed by HVB, the German company pledged to provide for long-lasting activity of the bank and not to take any measures which would it impossible to use the company and its brand.
“Meanwhile, according to the letter dated January 16th 2006, Unicredito is going to merge BPH and Pekao”, the ministry said.
It asks UCI whether it is announcing that it is going to infringe the provisions of yet another privatization agreement.
UCI received another deadline to sell BPH shares – three months. Otherwise, the Ministry of the Treasure threatens to take legal steps.
