Investkredit Bank to use Europolis as intermediary

Investkredit Bank AG is, after Raiffeisen Bank Polska and Bank Austria Creditanstalt, the third Austrian financial institution to enter the Polish market. "We plan to invest around euro 200 million," said Klaus Gugglberger from Investkredit. The financial activities will be conducted through Europolis Invest, a real estate company, which so far has placed euro 185 million in the construction sector. It has financed or co-financed the construction of many office buildings in Warsaw, including the Warsaw Tower, Sienna Center and Saski Point. The Bank will focus on financing new office buildings, shopping malls, logistics centers, and will offer long-term loans in contrast to the majority of Polish banks which are reluctant to grant loans for more than five years. All the transactions will be conducted at the bank's seat in Vienna. Investkredit is the third largest bank in Austria, with a 2002 estimated net profit of euro 48 million. (Gazeta Finansowa, Dec. 7-13, p. 9) K.Z.