In Brief: CU fined; PKO, Citibank internet banking; IT Group seeks investor

The largest pension fund Commercial Union PTE BPH CU WBK has been fined over zl. 3.4 million by the Pension Funds Supervisory Office (UNFE) for the failed transaction which cost the fund about zl. 1 billion. UNFE additionally ordered the fund cover the loses from its own capital and not the premiums of its clients. (Puls Biznesu, page 3) ... Poland's largest retail bank PKO PB S.A. and Citibank are just some that have announced the launch of internet banking as of next month. (Rzeczpospolita, page B7) ... After a three-year search for a place on the financial market, Bank Rozwoju Budownictwa Mieszkaniowy (Bud Bank) has returned to its former core business of financing the construction of houses. Bud Bank earlier abandoned the business after the failure of its Mortgage Fund program and between 1996 to 1999 sought better results in mining, but to no avail. (Rzeczpospolita, page B7) ... IT Group, the former footwear producer Ariel, which now owns the internet service provider Zig Zag is to seek a strategic investor by 2002. The firm's line-up of new products will include multimedia production, web page design, e-commerce and portal administration. (Rzeczpospolita, Sept. 9-10, page B6)