BRE Bank secures majority stake in eCard

By the end of July 2003 BRE Bank's stake in eCard is to increase from 29% to around 52%. "This will be possible due to the bank's acquisition of more shares in eCard in exchange for a loan. As a result, the stake of eCard's remaining investors Computerland and Bank Zachodni WBK will decrease from 42% to 29% and from 29% to 19% respectively," said eCard president Allan Wodzynski. This year, eCard's investors are planning to increase its capital. "We will receive zl. 2 million from BRE and zl. 1 million from Computerland. BZ WBK is not going to participate in the operation," said Wodzynski. In this way, eCard's capital will increase to zl. 15.3 million. In 2004, eCard will receive further zl. 2 million. The company's first profits are likely in 2005, five years after it was established. (Puls Biznesu, p. 10) A.Z.