AmerBank back in the black

After three quarters of 2003, AmerBank (AB) has recorded losses of zl. 4.6 million. "This result does not surprise us as a considerable part of our revenue is generated from interest. This year the market rates were falling faster than we expected, and so we suspended our business activity for a quarter. But thanks cost-reduction measures, we managed to overcome the decrease in revenues and, since October, have been a profitable bank," announced AB's president Slawomir Sikora. He added that due to fears of bad loans many banks, including AB, have limited their loan activities. "No-one wants to create additional reserves," he said. At the same time the bank is still considering introduction of new shareholders. DZ Bank of Germany, which holds more than a 95% stake in AB, is closely co-operating with two other banks - Natexis Banques Populaires of France and Austria-based Österreichische Volksbanken AG. It is highly likely that the next share issue will be targeted at the French bank. "DZ Bank will in due course announce the results of the negotiations currently in progress," said Sikora. (Rzeczpospolita, Nov. 9-11; p. B5) A.Z.