Russian turmoil might pose trouble for Poland's Bank Handlowy, Pekao
Article Abstract:
Bank Handlowy SA and Grupa Pekao SA expects a drop in earnings in 1998 due to Russian exposure. Observers expect the two banks to post lower profits and earnings in 1998 due to Russia's financial troubles. Pekao had taken provisions of 81 million zlotys because it said that its Russian exposure stands at more than 202.7 million zlotys. Bank Handlowy had also taken provisions of about 101.8 million zlotys due to Russian exposure of a total of 192.8 million zlotys. Bank Handlowy's Russian exposure is estimated at 4% of total assets.
Comment:
Expects a drop in earnings in 1998 due to Russian exposure
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Slight boost seen for Pekao shares: 55% stake sale may help Polish Bank
Article Abstract:
Grupa Pekao SA, the state-owned commercial bank of Poland, is expected to benefit from the Polish government's decision to sell off its 55% stake, instead of the originally intended 35%, by the first quarter of 1999. The sale of the bank's larger stake will make the bank easier to managed with a controlling investor rather than by the state Treasury and a minority investor. Among the rumored interested investors are Travelers Group Inc. and BankAmerica Corp. as well as ABN-Amro Holding N.V. of the Netherlands.
Comment:
A 55% stake of the state-owned commercial bank of Poland will be sold to an investor in the 1st quarter of 1999
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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BIG Bank investors reject plan
Article Abstract:
Stockholders in BIG Bank Gdanski SA turned down a motion to modify its statutes. The rejection of the motion essentially means that the bank's management will maintain control of 24% of the Polish-based firm. Templeton Asset Management Ltd. and ABN Amro (Luxembourg) Investment Management held a special meeting to vote on giving the management-held share to shareholders. Shareholders however, rejected the plan by a vote of 110.8 million votes against and 99.1 million for.
Comment:
Stockholders turned down motion to modify bank's statutes
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1999
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