Bank News: Preferential Mortgages; Citibank; BRE Bank; Millennium Group

The Finance Minister lowered the interest rate on PREFERENTIAL MORTGAGES from 7% to 6.5%, which will be offered by commercial banks soon. The difference between the market rate on the loan and fixed interest rate will be refunded by the budget. (Gazeta Finansowa, April 26-May 9, p. 6) ... Later this year CITIBANK will begin to offer share purchases in all of its outlets. This is part of the new strategy of the bank's brokerage house which will also use the Internet and a call-center as means of distributing its financial products. (Gazeta Finansowa, April 26-May 9, p.6) ... BRE BANK, is one of the first banks to start replacing its traditional credit cards with a magnetic strip, with new so-called intelligent cards with microchips. (Gazeta Finansowa, April 26-May 9, p. 7) ... The net profit of the MILLENNIUM GROUP dropped to zł. 29.9 million in Q1, down from zł. 47.1 million over the similar period last year. (Gazeta Finansowa, April 26-May 9, p. 6) M.M.