Eyebrows rise over Bank Handlowy's bill from Citibank

This has naturally led some observers to question whether profit transfer is in evidence. Raimondo Eggink, an independent analyst and member of the Warsaw Stock Exchange board, stated that Bank Handlowy should explain exactly what it pays for and what it gets in return, as the amount of money handed over to Citibank is somewhat alarming. Andrzej Powierża, an analyst at BRE Bank, added that Citibank acts according to business logic and in the long term may want to take over 100% of Bank Handlowy's shares. Nevertheless, accusations of profit transfer remain difficult to prove, as was the case when a similar situation occurred between Stomil Olsztyn and its majority shareholder Michelin. (Parkiet p.1) M.G.