Deutsche Bank PBC's giant H2 IT cash injection

"We have already obtained an agreement of the Securities and Exchange Commission. Our investor - the German Deutsche Bank group - will buy all the shares that remain on the market," declared the president of DB PBC, Marek Kulczycki. The company hopes to receive a capital injection. "We would like to receive zł.150 million in the second half of the year and in one tranche," stated Kulczycki. The bank needs the funds for the exchange of its IT system, which will cost around zł.20-28 million. It also plans to double the number of its outlets and increase employment from 600 to 900 people within a year and a half. "Due to the investments the bank will record a loss this year, which will probably be higher than in 2004," admitted Kulczycki. However, the investments should result in the significant growth of the number of clients, from 87,000 now to 200,000 in 2008. The bank is going to concentrate on the affluent individual clients and small and medium enterprises with a turnover not exceeding zł.200 million. (Puls Biznesu, p. 7; Parkiet, p. 4) E.B.