Bank Handlowy to launch zl.1.2 billion share issue

Bank Handlowy (BHW) has announced plans to sell zl.1.2 billion worth of shares next year. Before the issue can take place, however, the bank must complete its full integration with its new strategic investor, Citibank. Referring to the planned share issue, Bank Handlowy CEO Cezary Stypulowski said, "In a year's time we have to be ready to present an attractive offer to our investors. We have to convince them to buy our shares and assure them of the high liquidity of these shares on the stock exchange." BHW is currently planning a series of adjustments, including improvements to its customer service and the expanded use of computer networks in certain of its activities. American banking giant Citibank has a 91% stake in BHW, but will have to sell some of the shares, since the National Bank of Poland has only agreed to it holding a 75% stake. (Puls Biznesu, p. 8, Gazeta Wyborcza, p. 22) A.K.