Citibank, N.A., who issues convertible Eurobonds (convertible into Bank Handlowy shares), will prematurely redeem Citibank convertible bonds on 7 December. Redemption options have been fulfilled.
Holders of the convertible bonds can still convert the bonds and sell the shares on the market or exchange the bonds into Bank Handlowy shares by December 2007. The new issuance comes from an order by the Polish banking regulator for Citibank to decrease its stake in Bank Hadlowy to 75 percent of voting share.