PKO BP and BGZ banks to be part-privatized by Treasury

The Treasury Ministry has announced plans to privatize the two largest state-owned banks, PKO BP and Bank Gospodarki Zywnosciowej (BGZ), but without letting strategic investors take over control of them. The initial public offering (IPO) of PKO BP could take place next year, but according to Treasury Minister Wieslaw Kaczmarek, it is possible that at first only a symbolic stake will be put up for sale. The farming-specialized BGZ could also be privatized in 2003, but first the Treasury wants to clarify its ownership structure by buying BGZ shares from co-operative banks. In the future, BGZ is to be involved in "regional policy" and the use of EU aid. The Treasury plans to retain between 30% and 50% in both the banks. Kaczmarek also discussed the future of other banks in which state bodies play a key role. No decision will be made until the end of this year regarding BOS, in which the National Environment Fund (NFOSiGW) has a significant stake. Bank Gospodarstwa Krajowego (BGK) is to remain a state bank, involved in the financing of government initiatives, mainly associated with construction and transport. (Rzeczpospolita, p. B6) T.J.