BRE Bank and its divisions breaks into profit

"I believe 2004 will be better for us, although our pension fund is likely to post weaker results. The profit level will depend on whether the loss connected with the development of MultiBank will be lower than projected," said Wojciech Kostrzewa, BRE Bank president. He added that mBank is likely to breakeven during the first quarter, while MultiBank will do so around the end of the year. BRE Bank's solvency ratio dropped from 10% to 8.5% in 2003, and due to this the bank will ask shareholders if it can issue shares worth zł.500 million to support development and to improve financial results, such as achieving 15% return on capital by 2006. (Puls Biznesu, pp. 1, 11) M.M.