Kredyt Bank scraps dividends for reserve capital

Kredyt Bank has been buying large stakes in Polish insurance firms to create a banking-insurance group. Pacuk said that the bank, currently ninth in Poland in asset terms, hopes to join the top five. The bank expects 1997 net profit of 73 million zl. and160 million zl. in 1998. The bank is issuing shares at 8.50 zl. (Rzeczpospolita, page 19, Reuters)