Rheinhyp-BRE to concentrate on commercial real estate

Rheinhyp-BRE president, Piotr Cyburt, yesterday revealed that as a result of BRE Bank's plan to increase its stake in the firm to 100%, the mortgage lender is to withdraw from offering housing credits to private customers and instead focus on commercial real estate activities. As a result, its private mortgage function will now be handled by the BRE-controlled Multibank. BRE itself will today launch a subscription process, to last until June 4, for a new share issue that should see 5.74 million shares being offered at a price of zł.96 a piece. Of the zł.550 million that the issue is hoped to raise, zł.92 million will be used to purchase the additional 50% stake in Rheinhyp-BRE. The share issue is guaranteed by Commerzbank, BRE's strategic investor. (Parkiet, p. 3) A.K.