Eurobank to make its debut in malls this month

At the end of September a new retail bank, Eurobank, which is controlled by the famous financial entrepreneur Mariusz Łukasiewicz, will begin its operations. Its own capital exceeds zł. 170 million and will open 100 branches nationwide, half of which will be opened at once and employ 671 people. "These will be traditional points of sales located in shopping malls," said Łukasiewicz, who is also the chairman of the bank's supervisory board. Analysts are positive about the project as, "Every retail banking concept, which does not bear high fixed costs, is good," claims Marek Świętoń, an analyst with ING Investment Management. Eurobank's main product will be Euro-denominated loans with a Visa card, which will merge the characteristics of a personal loan with a banking card. It will also offer personal accounts and deposits, which will soon be followed by investment, insurance and Internet products. In the first quarter of 2004, Eurobank will present its offer for small enterprises. The company hopes to post a profit in second half of 2004 and enter the bourse in two to three years time. (Puls Biznesu, pp. 1, 10) M.M.