5th Apr 2006 16:32
Bank Pekao SA05 April 2006 UNOFFICIAL TRANSLATION (5th April 2006) Current report 45/2006 MST and UniCredit have reached an agreement setting forth their understanding THE MANAGEMENT BOARD OF BANK POLSKA KASA OPIEKI SPOLKA AKCYJNA, HEREBY INFORMSTHAT THE BANK RECIVED FROM STRATEGIC INVESTOR UNICREDITO ITALIANO S.P.A.,FOLLOWING INFORMATION: " Today the MST and UniCredit have reached an agreement setting forth theirunderstanding. The agreement is aimed at ensuring that BPH will remain an independent bank inthe Polish market. UniCredit will sell 200 outlets and related banking servicesoperating under the brand BPH to an independent third party through acompetitive and transparent international process. The operations not disposed shall be merged into Pekao. In the management of the disposal process UniCredit will ensure that there willbe no lay-offs in Pekao or BPH through 31 March 2008. Efficiencies will beachieved by the banks through natural attrition. As a way to ensure proper cooperation by the MST the agreement contemplates theright of the MST to appoint two members of the Supervisory Board of BPH. The agreement resolves the difference of views between UniCredit and the MST inrelation to the Privatization Agreements. This Agreement represents the best solution for a responsible running of thebusiness of Pekao and BPH, both from the employees' and clients' perspective andonce again demonstrates the constant commitment of UniCredit towards itsstakeholders and towards Poland, as well as the will of the Polish government tosolve disagreements and protect its legitimate interest. Milan, 5 April 2006" This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BPKD.L