Another privatization - Bank BGZ- likely to be delayed

The net loss of Bank Gospodarki Zywnosciowej (BGZ) for 2002 amounted to zl. 264 million said the bank's president Jacek Bartkiewicz adding that it may be too difficult to float BGZ's shares on the Warsaw Stock Exchange this year. The delay could make it difficult for the State Treasury to meet its privatization revenue target of zl. 9.1 billion, which is crucial to finance the budget deficit. Currently, BGZ is being audited by a privatization consultant financed by the European Bank for Reconstruction and Development (EBRD). The EBRD is interested in the acquisition of a stake in BGZ and probably the final report of the consulting company will have an influence on EBRD's further investment decisions. (Rzeczpospolita, Feb. 1-2, p. B5) A.Z.