Kulczyk raises the stakes with BFG over BP

Kulczyk Holding, which is going to invest in Bank Przemysłowy (BP), is currently in negotiations with the Bank Guarantee Fund (BFG) concerning further potential financial aid for the Łódź-based bank. The current management has already worked out a restructuring plan for BP, according to which Kulczyk Holding is to inject capital of zł. 120 million and receive zł. 250 million credit from the BFG. The new shareholder however, plans to negotiate a larger loan from the Fund. "Kulczyk Holding has estimated that a loan of zł. 250 million will not be sufficient and plans to negotiate a better deal," said Bożena Chełmińska-Miernik, the head of the management at BFG. She added that this amount would only be enough to improve the bank's situation within five years, which is a period way too long for the new shareholder. Kulczyk announced that if necessary he is ready to invest a further zł. 50 million from its own funds. (Puls Biznesu, p. 6) A.K.