Citibank, BRE, SG buying employees' shares of PZU

Citibank, BRE Bank and France-based Societe Generale have begun buying employees' shares of financially troubled Powszechny Zaklad Ubezpieczen (PZU). The uncertain future of PZU, Poland's largest insurer, as well as constant delays of PZU's entry into the Warsaw Stock Exchange (WSE), has caused many PZU employees to start selling their shares. It is not known how many PZU shares have been purchased by the banks as they are not buying the shares directly but through intermediaries. Puls Biznesu unofficially reports that BRE Bank has spent approximately zl. 40 million on the shares. So far the bank has purchased 250,000 PZU employees' shares, accounting for 0.3% of the share capital of the Polish insurer. (Puls Biznesu, p. 5) A.Z.