Share issue will allow BCP to double stake in BIG BG

The supervisory board of BIG Bank Gdanski (BIG BG) has approved a plan to increase the bank's capital by zl.764 million through a share issue. The new issue of almost 425 million shares will be registered by the end of the year. According to BIG BG chairman Boguslaw Kott, restructuring projects to be undertaken by the bank and the related investments require the strengthening of its capital condition. The bank's strategy envisages greater customer segmentation, including the creation of Millennium Prestige outlets for serving wealthier individual customers. The main shareholder in BIG BG, Banco Comercial Portugues (BCP), has already applied to the Bank Supervisory Commission (KNB) for permission to increase its stake from the current 20%, to 50%. Commenting on BCP's possible involvement in the share issue, Kott said, "Our intention was to offer shares to all owners. But if it appears that some will not subscribe for the stock, BCP may secure the issue." BIG BG expects that strengthening its financial position will also allow it to improve its liquidity ratio, which is currently close to the minimum threshold accepted by the KNB. A resolution on the capital increase is expected to be approved at a general shareholders' meeting scheduled for October 22. (Puls Biznesu, p 7; Reuters) M.T.