EFH to take over BWE Leasing in exchange for 20%

Europejski Fundusz Hipoteczny (EFH), a mortgage fund, has signed an investment agreement with Bank Wspolpracy Europejskiej (BWE), controlled by Aleksander Gudzowaty. The fund will acquire a leasing company belonging to the bank, BWE Leasing. In return, the bank will receive a 20% stake in EFH. The transaction is to be finalized by the end of this week. BWE Leasing and EFH will primarily aim their services at foreign customers, who have limited access to real estate in Poland. According to Konferencja Przedsiebiorstw Leasingowych (KPL) the market for real estate leasing was worth zl. 560 million in 2002. According to the investment agreement, EFH is also obliged to increase BWE Leasing's capital by zl. 5 million. (Puls Biznesu, p. 8; Rzeczpospolita, p. B7) A.K.