Bank Handlowy w Warszawie SA and Citibank (Poland) SA Merge to Create Poland's Leading Financial Institution

Bank Handlowy w Warszawie SA is the leading Polish commercial bank specialising in serving large and medium sized enterprises. The bank's assets on 30/06/2000 were 20,909 million PLN, equity 3,174 million PLN and net profit 139 million PLN. In 1998 the bank started up its Retail Banking Division - handlobank.

Citibank (Poland) SA , part of Citigroup, commenced its operations in Poland in 1991 by offering commercial banking services to Polish banks and financial institutions and large Polish and foreign corporations. The bank's assets on 30/06/2000 amounted to 9,278 million PLN, equity 1,015 million PLN and net profit of 56 million PLN.

Citigroup (NYSE:C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup's trademark umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at: www.citigroup.com.


	Printer Friendly Page		FOR IMMEDIATE RELEASE Citigroup Inc. (NYSE symbol: C) February 28, 2001 Bank Handlowy w Warszawie SA and Citibank (Poland) SA Merge to Create Poland's Leading Financial Institution Combined entity retains Bank Handlowy w Warszawie SA name for commercial banking, Citibank brand for retail banking Bank Handlowy w Warszawie SA and Citibank (Poland) SA today announced their official merger to create Poland's leading financial institution with total assets of 29 billion PLN (7, 25 billion USD). The new bank will serve more than 18,000 corporate customers and an increasing number of retail customers through its network of 175 branches evenly distributed throughout the country. The merger, which follows the Citibank Overseas Investment Corporation acquisition of a majority shareholding in Bank Handlowy, will take place through the contribution of all Citibank (Poland) SA (CPSA) assets to Bank Handlowy (BH) in exchange for shares in BH issued to CPSA shareholders. CPSA shareholders will receive 1,350 shares in a new issue from BH in exchange for each one of their own shares. The newly merged bank will have four billion PLN (dollar equivalent) in equity at its disposal and total assets of 29 billion PLN (7,25 billion USD). Bank Handlowy w Warszawie SA, will be the leading financial institution in Poland offering the most comprehensive and modern services for the corporate, investment and retail banking markets. The merger will give customers access to Citigroup's global network of offices in more than 100 countries. Cezary Stypulkowski, former president of Bank Handlowy who will take on the role of president of the combined institution, said, "Combining the strengths of Citigroup's global network and its experience in over 100 markets with the local expertise of Bank Handlowy, is a unique opportunity to create a universal financial institution capable of competing in the increasingly competitive Polish, and European, market." Shirish Apte, vice president of the management board responsible for the Commercial and Investment Banking Sector, and formerly president of Citibank Poland SA, said, "The new institution will provide our customers with access to improved services and new solutions to their financial needs including internet and electronic delivery systems. We will maintain and build on our position as Poland's leading corporate bank by continuing to place our customers first." The vice president of the management board responsible for the Retail Banking Sector Bank will be Raymond Lim. He said, "We are confident that the new bank will become the best retail bank in Poland. Already we have the largest market share on credit cards. We will also build market leadership in credit and wealth management products and services." # # # Bank Handlowy w Warszawie SA is the leading Polish commercial bank specialising in serving large and medium sized enterprises. The bank's assets on 30/06/2000 were 20,909 million PLN, equity 3,174 million PLN and net profit 139 million PLN. In 1998 the bank started up its Retail Banking Division - handlobank. Citibank (Poland) SA , part of Citigroup, commenced its operations in Poland in 1991 by offering commercial banking services to Polish banks and financial institutions and large Polish and foreign corporations. The bank's assets on 30/06/2000 amounted to 9,278 million PLN, equity 1,015 million PLN and net profit of 56 million PLN. Citigroup (NYSE:C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup's trademark umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at: www.citigroup.com.