Another major Polish bank privatised

Article Abstract:

The Polish government is selling 67% of its shares in Powszechny Bank Kredytowy (PBK), in Oct 1997 at an estimated value of $281.6 million. Interest in the bank is high as financial services in Poland will be deregulated in 1999. Government-owned Swiecie Pulp and Paper sold 65% of its shares to Framondi from Holland for a purchase price of $157.6 million. A future investment of $175 million and maintained levels of employment has been agreed by Framondi. The government is also expected to raise $3.22 million from its public sale of 20.7% of Polar, which makes kitchen appliances.

Poland, Privatization, Privatization (Business), Powszechny Bank Kredytowy, Framondi

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Diary of dazzling results by a Euro-Latin bank

Article Abstract:

Spain's Banco Bilbao Iceland its banking investment division BBV Inrteractivos have had a busy 1998 through acquisitions in Latin America and transactions in Europe and Puerto Rico. So far they report a 25% consolidation profit increase, 21% return on equity growth and an increase in dividend layoutsstrategic planning goal seen through Programme Two 1000 focuses on increased growth and bank restructuring.

Strategy & planning, Spain, BSCH, Banco Bilbao-Vizcaya S.A.

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HSBC buys Seoul Bank

Article Abstract:

HSBC Holdings has spent US$700 million to acquire a 70% share of Seoul Bank, marking the second sale of a nationalized bank since Dec 1998. Terms call for the government to maintain a 30% stake, as well as receive warrants that equal 19% of the remaining stock. HSBC in return will acquire only the good assets of Seoul Bank while gaining an asset put scheme.

United Kingdom, South Korea, Asset sales & divestitures, Acquisitions & mergers, Facilities & equipment, HSBC Holdings PLC, Seoul Bank

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