Bank Pocztowy to increase capital through share issue

Shareholders of Bank Pocztowy (BP), at a General Meeting planned for late June, will pass a resolution to increase the company's capital by zł. 13 million through a share issue to two of its main investors - Poczta Polska and Prokom Investments. "Such a capital injection would improve our business potential; however, we were counting on a higher amount," said the head of BP, Andrzej Szukalski. The company was promised between zł. 80 million and zł. 100 million by its shareholders last fall. The share issue was to take place in the first quarter of this year, but was then postponed until mid-2003. This change of plan was the result of a change in the bank's development strategy, which initially envisaged its independent growth, whereas it will now rely fully on Poczta Polska to sell its financial products, a strategy that requires much less capital. (Puls Biznesu, p. 6) A.K.