American Gtech coupled with two funds managed by Innova Capital (IC) has signed an agreement with Bank BPH-PBK and Orbis to purchase a 99.7% stake in PolCard for $60 million.

Gtech and IC will hold 62.8% and 36.9% respectively whereas the remaining 0.3% will stay in the hands of the Polish Banks Association (ZBP).

Gtech wishes the transaction to be concluded within 90 days and is still awaiting permission from the Office for Competition and Consumer Protection as well as the Polish Banks Association (ZBP).

The lingering sale of PolCard has negatively affected the 2002 results of its shareholders including banks Pekao, BPH-PBK, Kredyt Bank, BRE Bank and Millennium.

(WBJ 03.iii.03)