Dear Sirs,
In relation to the information published by Global Custodian.com on Bank Handlowy revolutionizing Polish capital market dated December 17, 2002, I would like to draw your attention to the fact that ING Bank has been offering such solution with single omnibus securities trading account for international brokers since mid-2001.
ING Bank’s article 34a oriented product had been prepared and launched following the receipt by our Bank from Polish Securities and Exchange Commission its interpretation on the applicability of Article 34a of the revised Securities Law (revised version containing Article 34a came into effect as of January 15, 2001). ING Bank’s revised operational procedure was approved by Polish CSD (National Depository for Securities).
Given the above it is difficult for us at ING Bank to understand your comments about Citibank revolutionizing the Polish market.
Yours faithfullyTomasz StachurskiDirectorSecurities Services DepartmentING Bank Slaski S.A.