BPH Finance B.V. - Re Issue of Bonds

RNS No 8727p
BANK PRZEMYSLOWO-HANDLOWY SA
15th September 1997


Re: USD 100 mln 3% secured Exchangeable Bonds due 2002 issued by BPH Finance
B.V. exchangeable for and secured by USD 100 mln 3% Convertible Bonds due 2002
of Bank Przemyslowo-Handlowy SA;

IDENTIFIER          REG S BONDS         144 A BONDS
ISIN                USNIS419AA74        US0556UAA9
CUSIP               N15419AA7           95563UAA9
Common Code         007526814           n/a
Portal Symbol       n/a                 BPHFGP02

In connection with the issue on May 15, 1997 by BPH finance B.V. of USD
100,000,000 3% secured Exchangeable Bonds due 2002 exchangeable for and secured
by USD 100,000,000 3% Convertible Bonds due 2002 of Bank Przemyslowo-Handlowy SA
which Convertible Bonds are convertible into ordinary Shares of Bank
Przemyslowo-Handlowy SA (incorporated as a joint stock company under the laws
of the Republic of Poland) we would like to inform you and the bondholders that 
the Polish Securities Commission has admitted the shares issuable upon
conversion of Convertible Bonds to public trading.

In accordance with the Polish Securities Commission requirement the Prospectus
(in the Polish language) of the issue of Shares of Bank Przemyslowo-Handlowy SA
is published in two Polish newspapers and put to the public at the premises of
the Offering Agent, that is Credit Suisse First Boston, of the Conversion Agent,
of BPH SA, of the Polish Securities Commission and of the Warsaw Stock Exchange,
14 days prior to the first conversion date.

In compliance with the terms of the said Bonds Issue the first coversion date is
September 30, 1997.

END

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