DB24 continues its expansion plans and internet banking

The German owner of DB24 Deutsche Bank will have to find additional capital of zl. 223.5 million for its Polish subsidiary. The money is needed to deve lop DB24's internet services, and to develop its network of branches. In the first quarter of 2002 DB24 revenues stood at zl. 3.5 million, which is zl. 500,000 less than in the same period of 2001. DB24's management claims that this year will be better for the bank. "In the first quarter we spent a lot of money on modernizing our branches. We have 35 branches, of which the maj ority were inherited from Bank Wspolpracy Regionalnej (BWR). We also intend to open eight new branches. Each fully equipped branch costs around zl. 500 ,000," said DB24 deputy president Marek Kulczycki who, from May 1, will bec ome the new president of DB24. He adds that if the bank develops in line w ith its plans, it may run out of capital in 2003. "Last week DB24's shareho lders authorized its management to increase its capital by zl. 223.5 millio n. I think that the share issue will be made next year. It will target our German owner DB24," said Kulczycki. (Puls Biznesu, p. 3) A.Z.