ING group and Citigroup told to reduce stake in subsidiaries by 2004

ING Group and Citigroup have until the end of 2004 to reduce their stakes in key Polish subsidiaries - Bank Handlowy and ING Bank Śląski, said the Banking Supervision General Inspectorate (GINB) president Wojciech Kwaśniak. The US bank has accumulated a 89.3% stake in Handlowy, Poland's former foreign trading bank in a friendly takeover promising to cut its voting stake in the Warsaw-based company to less than 75%. ING owns an 88% stake of the former Silesian Bank following the merger with its other local sub sidiary and has made a similar pledge to GINB. According to analysts, the sale of Handlowy and ING BSK are both expected to sell some of their shares either to Polish mutual funds or to other institutional investors. (Parkiet, p. 1) A.Z.