Nykredit Bank Hipoteczny opens for business

Only about a month after receiving permission from the Banking Supervisory Commission (KNB) to establish a mortgage bank, Danish Nykredit Bank Hipoteczny has already issued its first loans. The company will be the fourth such institution on the market, and will offer its products both to corporate and individual clients. The bank plans to post a profit in the third year of its operations and to capture about 5-7% of the market within five years. "We will propose traditional mortgage loans denominated in złoty, Euro and US dollars. However, we plan to enrich our offer in the future," said Lech Gajewski, president of Nykredit Bank Hipoteczny. The bank will open six outlets in large cities, has signed cooperation agreements with Dominet Bank and BISE, and plans to offer its products through Internet portal Expander. "We are also in talks about working with four other small and medium-sized banks, as we want our products to be available nationwide," said Gajewski. (Puls Biznesu, p. 12) M.M.