Bank Millennium rejects Fitch's suggestion of special dividend payments

"We do not consider lowering our equity and paying out a special dividend for the year 2005," said president of the institution Bogusław Kott. This was his reaction to the suggestion of rating agency Fitch, which advised the bank to pay out a special dividend, which would allow the lowering of its solvency ratio - currently the highest level in industry at 20.9% after Q2. "The bank confirmed positive tendencies from the beginning of the year. In this way it assured investors that the results for the first three months were not accidental," said Andrzej Powierża from BDM PKO. Cautious forecasts suggest that the bank will post a net profit of zł.240 million in 2005, which takes into account final settlement of the transaction related to selling 10% stake in the insurer PZU. "Transaction will be concluded before the end of the year," said Kott. The value of the transaction may range from zł.300 million to zł.1 billion. (Parkiet, p. 3) M.M.