BPH PBK sells Górnośląski Bank Gospodarczy SA

On 14th of January 2004, Bank Przemysłowo-Handlowy PBK SA has signed the conditional agreement with Getin Holding SA to sell the shares of Górnośląski Bank Gospodarczy SA belonging to BPH PBK. The stake to be sold represents 71.2% of share capital and entitles to 71.2% votes at GBG SA’s General Shareholders Meeting. The purchase price is PLN 255 million.

The signed agreement on shares sale is conditional upon, among other things, obtaining by Getin Holding SA appropriate approvals of the Office for Competition and Consumer Protection as well as the Banking Supervision Commission. The final execution of the signed agreement on GBG SA shares sale will depend on the positive results of the financial audit of GBG SA, to which the buyer is entitled upon collecting all the necessary administrative permits and approvals. 

The sale of GBG is a result of the consequent realization of the restructuring strategy of BPH PBK Group. The Bank’s aim is to concentrate on its core business, additionally
the branch networks of both banks overlap in Silesia Region. Since GBG operating model do not fit the BPH PBK strategy, the decision to divest of GBG activities has been made. The sale of GBG is the most profitable solution for BPH PBK and its investors.

Jacek Balcer
Press spokesman
Bank Przemysłowo-Handlowy PBK SA