KBC pledges commitment to Kredyt Bank

Belgium-based KBC, a strategic shareholder in Kredyt Bank (KB), has announced that it is willing to cooperate with the Polish bank and support its continued operation. Additionally, KBC stated that it has no intention of reducing its engagement in Poland. The Belgian investor also said that the economic revival in Poland, coupled with the restructuring of KB, will help the bank to generate better results. "KBC wants to stress that it is and will remain KB's stable strategic investor and pledges its further support for the Polish bank" said the bank's representatives. KB announced recently that, in the fourth quarter, it intends to create reserves of zł. 1.27 billion for bad debts. This will have a negative impact on the bank's financial standing in 2003, although, the bank expects to generate a profit next year. (Parkiet, p. 1; www.onet.pl) A.Z.