Citigroup Set To Acquire Majority Interest In Polish Bank

May 12, 2000

Citibank, the banking unit of Citigroup, has received permission from Polish banking regulators to acquire up to a two thirds stake in Bank Handlowy, Poland’s largest corporate lender, and would have between 50 and 66 percent of the voting rights.

Citibank, the banking unit of Citigroup, has received permission from Polish banking regulators to acquire up to a two thirds stake in Bank Handlowy, Poland’s largest corporate lender, and would have between 50 and 66 percent of the voting rights.

The acquisition price could be close to 1 billion. Citibank had originally sought to acquire the 30 percent interest of Polish insurer PZU. It has also negotiated with J.P. Morgan, Sweden’s Swedbank, and Swiss insurer Zurich Insurance according to Associated Press reports, and had asked permission to acquire a 75 percent share, but banking authorities settled on the two thirds figure.

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