Poland: Citibank and ING decrease their stakes in Polish banks

24-11-2004, 12:31

Poland/Enterprises/Banks

Warsaw (Puls Biznesu) – According to the recommendation of the Polish Banking Supervisory Commission (KNB), Citibank and ING are reducing their stakes in Polish banks, respectively Bank Handlowy (BHW) and ING BSK. The stakes in controlled companies may not exceed 75 percent. The US Citibank issued three-year bonds worth USD 436.5 million (EUR 335.7 million) convertible into shares of BHW. The papers will be listed on the Luxemburg stock exchange. ‘After the transaction Citi will reduce its share in votes but not in the capital of BHW, so nothing will change as far as free float is concerned’, Artur Szeski, an expert from CDM Pekao S.A. said.

Meanwhile, the Dutch ING plans to sell a 12.77 percent share of ING BSK in public offer on 17th February 2005, after the company will have published its full year results. 1.7 million shares will be offered. ‘The free float of ING BSK will double. This is good news for the market’, Marcin Jablczynski from DM BZ WBK brokerage believed. ‘The offer will not be big, it will amount to around PLN 640 million (EUR 151.7 million). Investors will have a chance to increase their portfolio’, Artur Szeski added.

(USD 1 = EUR 0.769)

(PLN 1 = EUR 0.237)

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