EBRD willing to invest in BGZ, despite opposition

The European Bank for Reconstruction and Development (EBRD) is still willing to invest in Bank Gospodarki Zywnosciowej (BGZ), despite the fact that the bank's minority shareholders oppose the project. At BGZ's last shareholders' meeting, the bank's shareholders rejected the plan to issue shares that would subsequently be purchased by the EBRD. The president of the National Bank of Poland, Leszek Balcerowicz, hopes that BGZ owners will change their minds, as the bank needs prompt financial strengthening. The EBRD is the only investor that has for several years declared its willingness to provide BGZ with financial support. "We do not feel offended by the stand of the minority shareholders. The EBRD's mission is to help companies transform, therefore, we are willing to invest in the bank and we are waiting for the shareholders to accept our offer," stated EBRD deputy president, Hanna Gronkiewicz-Waltz. (Puls Biznesu, p. 5) A.Z.