BRE Leasing to enter new markets in bid to be No. 1

BRE Leasing has signed contracts worth zł. 356 million during the half of 2003. Despite the fact that this is a 35% increase as compared to the same period last year, the company expects to see a net profit of only zł. 1 million by the end of the year, a fall from zł. 1.6 million in 2002. This is a result of the requirement to form reserves for overdue liabilities. Mieczysław Groszek, the head of BRE Leasing announced that the total value of all contracts to be signed this year is estimated at zł. 1 billion, 30% of which will be related to leasing of real estate. The company also announced plans to introduce, by the end of September or early October, a new offer for corporate clients, which will include long-term leasing and car fleet management. At the end of 2002 BRE Leasing was the second largest leasing company, taking into account the value of signed contracts. Over 50% of shares are controlled by BRE Bank, while 49.9% is owned by Commerzleasing und Immobilien. (Rzeczpospolita, p. B5) A.K.