BGK will keep TPSA shares, develop mortgage bank as part of new strategy

State Treasury-owned Bank Gospodarstwa Krajowego (BGK) is not planning to sell its 2.86% stake in Telekomunikacja Polska S.A. (TPSA), worth zl. 530 million, which it had received as a present from the Treasury Ministry. "We want to be a serious investor and take an interest in TPSA shares' value," explained Ryszard Pazura, BGK's chairman. The bank also has some shares in other companies, which it had taken in exchange for debts or in settlement procedures. The Treasury Ministry's gift will let BGK start new initiatives such as a construction support program. They are planning to purchase the financial institution Bud-Bank and then, together with bank PKO BP, to establish a mortgage bank by the beginning of next year. BGK wants to invest zl. 15 million in this project, giving it a 25% stake in the mortgage bank, with PKO BP holding the remainder. BGK will also continue to finance housing with help from the National Housing Fund. (Puls Biznesu, p. 7) A.D.