Bank Pocztowy new strategy to expand into new areas

Bank Pocztowy (BP) owned by Poczta Polska (PP) and Prokom intends to increase its capital by between zl. 80 million to zl. 100 million. BP's restructuring will take about three years. During this period the bank intends to make better use of PP's network to sell its services. Currently, BP services individual clients, as well as small and large companies. "We intend to focus on individual clients and want to reach the provinces. BP plans to extend its client base across the country, to reach into small towns and housing estates," said BP's president Andrzej Szukalski. After increasing the bank's capital, there will be no major changes in its ownership. PP will still hold almost two thirds of BP's shares. The bank is going to spend zl. 18 million to zl. 25 million on increasing its reserves. "This year our net profit will oscillate around zero. I would like a similar result in 2003 during which BP will bear restructuring costs. The bank will start generating profit from 2004," said Szukalski. (Rzeczpospolita, Oct. 19-20, p. B5) A.Z.