Handlowy Drops to Five-Week Low as Credit Suisse Cuts Rating

Bank Handlowy SA (BHW), the Polish unit of Citigroup Inc., tumbled to a five-week low after Credit Suisse Group AG cut the stock to underperform.

The shares declined as much as 3.7 percent to 75.10 zloty, the lowest since March 13, and traded down 2.6 percent at 4:05 p.m. in Warsaw. Handlowy was cut from neutral at Credit Suisse with a share estimate of 81.4 zloty.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net