PZU supervisory board to evaluate HSBC share deal

Today the supervisory board of the country's largest insurer PZU is to evaluate a contract, revealed a few days ago by Dow Jones Newswires, for HSBC to buy minority stakes in the company, including the stake currently held by Eureko. This would mean that the contract would interfere with the Treasury Ministry's remit. According to Rzeczpospolita sources, it is even possible that PZU President Zdzisław Montkiewicz would be replaced, most likely by Cezary Stypułkowski, currently running Bank Handlowy. According to the company’s statute the Treasury Ministry, rather than the board, has the power to remove him. "I have not found any indication in the d ocuments provided as to which minority stakeholders the shares would be bought from. Minority shares are held not only by employees, but also by the Eureko-Millenium consortium," said an anonymous supervisory board member. (Rzeczpospolita, p. B1) M.M.