PKO to sell its share of PolCard after change of strategy

Bank Pekao S.A. has decided to sell its 30% stake in PolCard, the major Polish clearing center for credit and debit cards. The transaction will probably be completed in the first quarter of 2002. Activities of the Cards and Checks Center (CKC) will be separated from the bank's operating structure. The decision to sell PolCard shares is a result of the strategy of Unicredito, the major investor in Pekao S.A., which advised the Polish bank to sell its stakes in all companies in which Pekao holds less than a 50% stake. According to Rzeczpospolita's unofficial information, none of the current shareholders of PolCard are interested in purchasing additional shares. However, an as yet unnamed major bank has displayed interest in investing in PolCard. According to data collected to the end of September 2001, PolCard provided services to 65% of all commercial entities that accept credit and debit cards in Poland. (Rzeczpospolita, p. B5 ) P.W.