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
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