French gain control of Bank Inicjatyw Spoleczno-Ekonomicznych

France's fourth-largest banking institution Banque Populaire will soon become the majority shareholder in Bank Inicjatyw Spoleczno-Ekonomicznych (BISE), after the French agreed to pay euro 41 million for a 51% stake in the domestic bank. Other shareholders in BISE, state-owned Industry Development Agency (ARP) and French bank Credit Cooperatif, will see their stakes decrease to less that 20% each. On April 9 BISE will issue 38 million new shares, resulting in an over twofold increase in the bank's own funds. BISE has been operating in Poland since 1990, providing financial services for private companies, local governments and individuals. (Rzeczpospolita, B1; Gazeta Wyborcza, p.23) M.T.