BPH PBK plans investment fund and insurance sell-off

Newly merged Bank Przemyslowo Handlowy and Powszechny Bank Kredytowy (BPH PBK) plans to sell off 31% of the shares of its insurance subsidiary, Royal PBK TUnZ to British Royal & SunAlliance by the end of June. The two former banks, which began their merging process last year, have until the end of 2002 to finish merging and until the end of 2003 to organize the entire capital group. "This half of the year we will have to make many arrangements within the group," said Marek Klucinski, BPH PBK spokesperson. The company also plans to sell two other Polish subsidiaries, TFI PBK Atut and PBK Asset Management, both of which are investment funds. BPH PBK also hopes to be jointly listed on the Warsaw Stock Exchange (WSE) for the first time on January 16, ten days after the session reopened for the New Year. (Puls Biznesu, p. 6) A.K.