Strength in numbers

Wojciech Papierak, the former vice-president of PKO BP, has become the head of a new national monster - Grupa PHN. The Polish state treasury wants to privatise the company through a share flotation on the Warsaw stock exchange in what could be one of the ten biggest privatisations in the history of the bourse Radosław Górecki, 'Eurobuild CEE': You said in a recent press conference that Grupa PHN would focus on managing and would not be a developer. This is quite a surprising declaration taking into consideration the fact that you announced at the same time that the group is planning to invest app. PLN 1.9 bln in building new projects. Wojciech Papierak, president of Grupa PHN: When I said that we would not be a developer I meant that Grupa PHN would ultimately not be engaged in this activity. And even if it does, it will not be its main function. How much time exactly will it take to finish your development projects? We need to look at the structure of the assets we have at our