Pekao's rise in profits yields dividends while board undergoes changes

This reflects the fact that th e bank's net profit rose from zł.801.7 million in 2002 to zł.919.2 million last year. However, Jan Krzysztof Bielcki, who will serve another three-year term as the bank's president, chose not to disclose expectations regarding this year's results, but instead described them as being optimistic. The meeting also saw a slight change to the bank's management with Paolo Iannone and Christopher Kośmider being elected to the board, while Andrzej Bratkowski, the former deputy president of the National Bank of Poland, is Pekao's new chief economist. (Parkiet, p.3) K.J.