BHV signs deal with Treasury Ministry for BPH shares

BHV will acquire 4.3 million shares at zl. 480 per share of BPH, which was yesterday listed at zl. 181. The German bank also agreed to invest at least zl. 700 million in BPH from 1999-2001. BHV's strategic aim is to acquire a majority stake in BPH, most likely through the purchase of 16% of BPH shares held by the European Bank for Reconstruction and Development (EBRD). The Krakow-based bank will be BHV's only subsidiary in Poland and will remain listed on the Warsaw Stock Exchange. The agreement will come into effect after the German bank receives all the necessary permits. (Rzeczpospolita, page 19, Parkiet, page 1)