Kredyt Bank to increase capital through share issue

The board of Kredyt Bank yesterday reached an agreement on increasing the bank's share capital by over 50% through an additional share issue. At an extraordinary meeting scheduled for July 25, shareholders will be presented with a proposal to raise zl.872.6 million through an issue of 49.3 million new shares, priced at zl.17.70 each. Existing shareholders will have the option to buy one new share for every two they already own. According to president of Kredyt Bank, Stanisław Pacuk, the capital raised from the share issue will be used for the development of its banking activities. The Rzeczpospolita daily reports that Kredyt Bank's total assets in the first quarter of the year were valued at zl.18.5 million, a figure the bank plans to raise to zl.50 billion by the end of 2005. (Rzeczpospolita, p. B5) P.J.