Bank PKO BP says its restructuring will not mean lay offs

The largest retail bank PKO BP, announced plans to finalize its process of organizational restructuring by the end of next year. The main aims of this process are an improved sales system and a significant reduction in costs. These benefits will be brought about by splitting off retail banking services and corporate banking into two separate divisions and the formation of six specialized sales centers. "The employees who were until now not responsible for sales in our outlets will no longer be employed there. They will now be assigned to specialized centers and departments," said Andrzej Podsiadło, PKO BP President. The bank has already created three new departments specializing in legal issues, security, and credit risk. Podsiadło emphasizes that none of the employees will be laid off, however, they could now be assigned to different divisions or departments. In related news, PKO BP is in negotiations with the European Investment Bank over a EUR 100 million loan. The funds are to be used on financing small and medium sized enterprises in the sectors of environment protection, tourism and the food industry. (Rzeczpospolita, p. B7) A.K.