BRE Bank complete investment and now awaits profits

BRE Bank's president Woiciech Kostrzewa announced that the bank's large investments have been completed and its retail activity will net its first profits in 2005. The bank bought the remaining 50% stake in Rheinhyp-BRE Bank Hipoteczny from German Eurohypo in July and now plans to offer commercial mortgage loans and loans to local governments. The retail loans are to be offered by the BRE Bank's subsidiary Multibank. Multibank incurred a loss of zł.140 million in 2003, but according to the president, the loss will be far smaller in 2004 while in 2005 the bank will see its first profits. Kostrzewa also revealed that BRE Bank posted a net profit of zł.39.9 million in Q1 but refused to announce the Q2 results apart from declaring that it met expectations. (Puls Biznesu, p. 6; Parkiet, p. 5) E.B.