Owners of PBK Orzel pension fund looking to bail out

The shareholders of pension fund PTE PBK Orzel are planning to sell their stake. Aetna International, which owns 40% of the shares, strongly supports that idea. Aetna was bought by ING Group, which in Poland is the owner of the second largest pension fund in terms of assets, PTE Nationale-Nederlanden. The second shareholder PBK bank has no plans to takeover Aetna's shares and become the major investor in PTE PBK Orzel and in fact wants to get out of the fund as well since its major shareholder Bank Austria Creditanstalt is not interested in the fund. Aetna invested about $60 million in PTE PBK Orzel. The representative of PBK Orzel says it may be difficult to recoup that investment. (Puls Biznesu, page 3)