BRE Bank set to purchase 50% stake in German Eurohypo AG

BRE Bank has signed a letter of intent with German financial institution Eurohypo AG, for the purchase of a 50% stake in mortgage lender, Rhein hyp-BRE Bank Hipoteczny, BRE announced on Tuesday. The final contract is envisaged to be concluded by November 30. If the contract comes to fruition, BRE will hold a 100% stake in Rheinhyp-BRE BH. Rheinhyp Bank Hipoteczny is the largest mortgage bank operating in Poland. By the end of the third quarter of 2003, the bank has granted loans of the total value of zł. 1.8 billion and by year end their value is envisaged to increase a further zł. 200 million and to 2.8 billion by 2004. (www.onet.pl) A.Z.