Eurobank to issue shares to help cover losses

During the general shareholders meeting of Eurobank, which is scheduled for Tuesday, its shareholders will have to decide how to cover the bank's losses as it closed last year zł.31.6 million in the red. "The expected losses for the last quarter of 2003 and Q1 2004 should not disable us from reaching break even by the end of the accounting year," said Sławomir Łukasiewicz, president of Eurobank. Apart from focusing on how to cover the negative result, shareholders will also probably vote to increase the bank's share capital by zł.30 million. The share issue will be directed only at the main shareholder LOOK Finansowanie Inwestycji as, "In total in 2003 and 2004 we will get zł. 100 million from LOOK," said Sławomir Łukasiewicz. Despite the death of the founder, Mariusz Łukasiewicz, Eurobank continues its development strategy and is not looking for a sector investor. (Puls Biznesu, pp. 1, 8) M.M.