Fond farewell

The market reacted in an unusual way - BZ WBK's shares value increased by 2.5 percent.

Analysts say this is due to the fact that Kseń announced his decision so early, more than a year before it takes place. This type of behavior is almost unprecedented in Poland and the market reacted positively.

The time in which Kseń announced his decision was also important, since 2005 was the best year ever for BZ WBK in terms of financial results. The bank's debts have been halved during Kseń's presidency and its prospects for the future are bright.

"Mr Kseń was offered to stay for the next term, but refused, because he would be 60 by 2008 and would have to resign anyway," said Piotr Gajdziński, a BZ WBK spokes-person.

"We see Kseń as the best CEO we have ever had. The value of our bank's shares have multiplied by 17. The president has also had a tremendously positive impact on the crew and it will be hard for his successor to achieve as much as he did."

A new CEO will not be appointed until the end of the year.