Bank Handlowy set to pay out zł.1.5 billion in dividends

The banking supervisory authorities took three months to approve the decision to lower the institution's capital. Together with the dividend from last year's profits of zł.414 million, Bank Handlowy will pay out to its shareholders a joint sum of over zł.1.56 billion, which makes a gross amount of zł.11.97 per share, which represents 16% of the value of a share. The pay out is due on September 1. Since the American Citigroup became an investor in BH, each year almost the total sum of the profits have been earmarked for dividends. Following today's decision to divide the 2004 profits, and adding the value of the previous dividends, Citigroup's income from BH will amount to zł.1.9 billion. (Parkiet, p. 1) A.K.