Speculation grows over Portuguese intentions in BIG BG

According to unofficial information, Banco Comercial Portugues (BCP) plans to sell off its shares in domestic bank BIG BG as a step in restructuring i ts foreign operations in emerging markets. This may mark the beginning of a withdrawal by the Portuguese and Eureko holding from insurance giant PZU. P aulo Fidalgo, a BCP spokesman, denies that the bank has taken any steps to withdraw from its investments in PZU. In Poland the Portuguese directly con trol over 46% of the shares of BIG BG, with Eureko holding almost 20%. In t urn, BIG BG and Eureko have a 30% stake in PZU. Unofficial sources quoted in Puls Biznesu claim that BCP requested investment bank Credit Suisse First to aid them in revision of their involvement on eastern markets. "Restructuring means that in practice the Portuguese will tend to withdraw from BIG BG and PZU. Involvement in the Polish bank did not yield the expected results for BCP and PZU is a rather inconvenient part of their portfolio," said an anon ymous informer. "BCP has decided to continue its investments in banking and insurance on strategic markets, i.e. in Portugal, Poland and Greece and in other states where the bank is present. Reports of planned sales of BIG BG or withdrawal from Eureko are false," stated Paulo Fidalgo. (Puls Biznesu, p. 6) P.W.