BGŻ unveils its ambitious mid-term strategy

"Our major objective is to remain the market leader in the agriculture segment. After successfully completing our restructuring plan, it is now time for us to attack," said Jacek Bartkiewicz, president of BGŻ, the tenth largest bank in Poland. The strategy, which was prepared jointly with strategic investor Dutch Rabobank, is very ambitious and envisages that market share in terms of interest revenues and commissions will increase from 3% to 5%. By the end of 2008 the return on capital should grow from 0.1% to 15%, while the ratio of costs to revenues should drop from 82% to 65%. However, this does not envisage any staff reduction, the number of which currently stands at 5,500. The development of the bank will be based on three pillars - retail, agriculture and corporate. (Parkiet, p. 5) M.M.