Stmnt re BIG Bank Gdanski
Banco Comercial Portugues S.A.
20 September 2001
BANCO COMERCIAL PORTUGUES SUPPORTS
BIG BANK GDANSKI'S CAPITAL INCREASE
AND
REQUESTS AUTHORIZATION TO INCREASE STAKE UP TO 50%
September 20, 2001
1. BCP supports BIG Bank Gdanski's capital increase and requests authorization
to increase stake up to 50%
BIG Bank Gdanski announced today a capital increase of Pln 764 million (EUR
201.9 million) through one-to-one rights issue at Pln 1.8 per share (EUR 0.459),
issuing 424 590 872 new shares. Banco Comercial Portugues currently owns a 19.9%
stake in BBG and gives its full support to this operation.
Additionally BCP informs that requested to the Polish Authorities an
authorization request to increase its participation in BBG's capital up to 50%,
in order to reinforce its stake in case such opportunities occur during the
capital increase.
2. BBG recapitalisation and re-structuring plan
The capital increase announced today is part of a broader recapitalisation plan,
that includes a 10 year subordinated bond issue of Pln 275 (EUR 70.2 million) to
be placed in October-November, with pricing subject to market conditions.
This recapitalisation plan will be voted on at a General Shareholders Meeting to
be held on October 22, and aims at providing BBG with adequate own funds to
proceed on course with it strategic re-structuring and commercial expansion
plans.
3. BCP reiterates its confidence in BBG's development
Banco Comercial Portugues reiterates its confidence in BBG's development, and
its strategic importance to BCP international strategy, considering the
significant potential of the Polish market and the outlook of the re-structuring
and development plan currently being followed.
Such a plan includes the expansion of the commercial network and activities,
extracting synergies from the strong and fast growing Millennium operation in
Poland, the reorganization into five business units, and the uniformisation and
modernisation of IT and operations platforms. BCP is confident that BBG's growth
potential and medium term profitability are attractive to its shareholders.
Lisbon, September 20, 2001
Banco Comercial Portugues Tel. 00 351 21 321 10 81
Investors Relations Division Fax 00 351 21 321 10 79
e-mail: investors@bcp.pt
Latest directors dealings
- 3 hours ago ASOS
- 3 hours ago MJ Gleeson
- 3 hours ago Rolls-Royce Holdings
- 4 hours ago Crest Nicholson Holdings
- 4 hours ago Naked Wines