Sweden's Swedbank said on Wednesday it would sell its entire stake in Poland's biggest corporate bank, Bank Handlowy , to U.S. Citibank .
Published:
1 June 2000 y., Thursday
The sale of the stake, between eight and nine percent, will produce a 450 million Swedish crown ($50.11 million) gain for Swedbank, known in Swedish as ForeningsSparbanken AB. It marks another stage in Citibank's takeover of the Polish institution. Swedbank said it would divest the stake in stages and retain a seat on the board of Handlowy until the end of 2001, and Citibank/Handlowy and Swedbank would develop a commercial cooperation, Swedbank said in a statement.
Earlier this month Citibank's parent Citigroup launched a public bid for Handlowy after winning approval from Polish authorities to hold up to 66 percent of Poland's oldest bank.
Šaltinis:
Swedbank
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is supporting the modernisation of transport infrastructure in Serbia with a €150 million sovereign loan to finalise the construction of a new motorway section along the strategic Corridor X.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Romania’s economic performance under a program supported by a 24-month Stand-By Arrangement (SBA).
more »
The Executive Board of the International Monetary Fund (IMF) today approved a three-year, SDR 13.57 million (about US$21.5 million) arrangement under the Poverty Reduction and Growth Facility (PRGF) for the Union of the Comoros.
more »
The Executive Board of the International Monetary Fund (IMF) today completed the second review of Mongolia's economic performance under a program supported by an 18-month Stand-By Arrangement (SBA).
more »
Parex banka has established a subsidiary, SIA NIF (“Nekustamo īpašumu fonds”, or “Real Estate Fund”), which will professionally manage assets that are not related to the Bank’s core business.
more »
In his address at the Lithuanian-Belarusian Business Forum “Belarus and Baltic States: new prospects for cooperation”, Prime Minister Andrius Kubilius has pointed out that Lithuania sees Belarus as creating its future in Europe...
more »
JDRF Employs VoIP and Web-Based Video Collaboration Enabled by Cisco for More Effective Teamwork Among Employees and Constituents.
more »
On 16 September 2009, AB Bank SNORAS group finished the transaction during which it purchased from AB “Invalda” with its own funds 100 per cent of the shares of AB “Finasta įmonių finansai”, managing AB Bank “Finasta”.
more »
Federal Reserve Chairman Ben Bernanke that the worst U.S. recession since the Great Depression was probably over, but the recovery will take time.
more »
Growth expected to return in the second half of 2009. Forecasts are still uncertain but fears of a severe, prolonged recession are fading.
more »