Invesmart appears as saviour for Bank Przemyslowy

Dutch investment fund Invesmart will become the new investor in Bank Przemyslowy (BP) and says it is ready to take the up the bank's share issue worth between zl. 70 million and zl. 100 million. The decision to increase the bank's capital is expected after its extraordinary shareholders meeting scheduled for 14 February. "Should shareholders agree, Invesmart would buy the issue on 15 March. A swift capital injection may be the quickest way to turn the bank's fortunes around as for the last two years it has made only losses. After nine months of 2002 the bank, now undergoing thorough restructuring, was zl. 19.5 million in the red and was forced to downsize its equity to zl. 53.6 million to cover its 2001 negative result. In addition it was also forced to create a zl. 42 million reserve to secure its 34% irregular loans. (Puls Biznesu, p. 6) J.K.