The race is on to take over Bank Przemyslowy

According to a report in Rzeczpospolita four national banks might take over Bank Przemyslowy (BP). The bank is also being eyed-up by three independent non-bank entities. The present owner of BP, the Czech Union Group, did not fulfill its promises to increase the bank's capital, which it is now in urgent need of due to 2001 losses of to zl. 12 million. As a result, a drastic program of cost-cutting measures will need to be implemented. The Czech Union Group, which controls 75% of the bank, has assured that they will increase the bank's capital by zl. 35 million, but so far have not done this. Therefore the Banking Supervision Commission is holding talks with four national banks on taking over Bank Przemyslowy. They are: BISE, BWE, Dominet Bank and Westdeutsche Landesbank. (Rzeczpospolita, p. B5) A.C.