Rzeczpospolita has learned that a merger decision between PTE
Arka-Invesco pension fund and PTE Pocztowo-Bankowy pension fund will be
made shortly. Last Friday the Poczta Polska board issued a positive
appraisal of the transaction. The current shareholders of PTE
Pocztowo-Bankowy are Poczta Polska with 52% stake, French bank Paribas
with 10%, and its group-member insurance company Cardif with 38% stake.
As for PTE Arka-Invesco shares, American Amvescap has 80% and Polish
Episcopate 20%. In the new Pension Fund, to be called Pocztowo-Bankowy
Arka-Invesco PTE, the French, Poczta Polska and present Arka-Invesco
investors will each have one-third shares. Within the Arka-Invesco
stake, Amvescap will obtain 29% and Polish Episcopate 3%-5%; according
to unofficial sources, Amvescap is to pay zl. 50 million. It will
probably be the first pension funds merger on Polish market
(Rzeczpospolita, p.B1) P.J.
