More bad news from Bank Przemysłowy

The 2002 loss of Bank Przemysłowy amounted to zł. 130 million and was much higher than earlier suggested by the bank's management board of zł. 55 million. Its potential investor, Kulczyk Holding, might have to further increase its share capital by zł. 120 million. Recently, the Banking Supervisory Commission introduced proxy management into Bank Przemysłowy, because its owners had not increased its capital within the deadline stated by the Commission. Rzeczpospolita has learnt from proxy management chairman Bożena Chełmińska-Miernik that Kulczyk Holding was sent a five-year draft restructuring program for the bank, and their reply is expected soon. In the meantime, the proxy management is planning to apply to the Bank Guarantee Fund (BFG) for a preferential loan amounting to zł. 200-250 million. Kulczyk Holding's spokesman, Andrzej Wiśniewski, told Rzeczpospolita that Kulczyk Holding was still interested in the bank, but for now they would not reveal any details. (Rzeczpospolita, p. B7) M.M.