mBank to make WSE debut in second half of 2002

Plans have been announced for Poland's first on-line bank, mBank, to make its debut on the Warsaw Stock Exchange (WSE) in the second half of next year. mBank was set up by BRE Bank, and for stock trading purposes will use the license of Bank Czestochowa, another subsidiary of BRE Bank. According to BRE Bank spokesperson, Alicja Kos, "In accordance with the plans we announced earlier, our bank will use the license of Bank Czestochowa to form a new retail banking company that will be owned by BRE Bank." As an initial step toward the realization of its plan, BRE Bank will at the beginning of September increase its holding in the troubled Bank Czestochowa to 82%, by purchasing 5.2 million shares at a price of zl.4.83 each. Currently mBank has assets valued at zl.800 million and 100,000 customers. (Parkiet, p. 6; Prawo i Gospodarka, p. 9) A.K.