BRE Bank posts Q1 figures and is on target to lower losses

"The good result is due to our retail activity," said Wojciech Kostrzewa, the bank's president. On the whole, retail banking resulted in a zł.6 million loss for the bank in the first quarter, but its projected loss for 2004 will be much lower than it was in 2003 when they were close to zł.100 million. Kostrzewa admits that the bank has exhausted almost of its money available for its development and is planning a new share issue to raise capital which will be spent on buying a 50% stake in Rheinhyp-BRE Bank.(Puls Biznesu, p.6)