Bank Przemyslowo - Handlowy PBK SA

Current report no 91/2003

With reference to the Current report no. 71/2003 dated 14 October, 2003 Bank
Przemyslowo - Handlowy PBK SA (BPH PBK) informs that it has received the Banking
Supervision Commission's (KNB) resolution on taking over of Spoldzielczy Bank
Rozwoju "Samopomoc Chlopska" (SBR) by BPH PBK dated 3 December, 2003. According
to the KNB's resolution the taking over will be effected pursuant to the
art.147, section 2 of the Banking Law. BPH PBK will pay-off SBR's creditors with
taken-over assets as well as minority members of that co-operative bank who
possess 23.95% of the share capital. On the basis of the KNB resolution BPH PBK
will take-over the SBR management starting from 6 December 2003 and the SBR
authorities (Management and Supervisory Board) so far existing will be recalled.
SBR assets will be totally combined with BPH PBK on 1 January 2004.

Taking-over the management of SBR assets is a further stage of BPH PBK strategy
towards that bank. BPH PBK has taken a decision to combine its assets with SBR's
due to the fact that a strategic investor has not been found for SBR. In BPH
PBK's opinion this strategy will enable protection of SBR's assets and offering
its customers high quality banking services, at least at the same level as at
SBR, simultaneously extending its offer by sophisticated products available via
BPH PBK Group.

SBR is a cooperative bank, with assets amounted to PLN 267.9 mln (as at 30 Sept
2003) and 14 outlets throughout Poland. BPH PBK SA is nation-wide, universal
bank with assets amounted to PLN 43.3 bn (as at 30 Sept 2003) and 486 outlets.