Virtual mBank not to be listed says BRE management

The management of BRE Bank decided at a meeting yesterday that its virtual bank mBank will not be listed on the Warsaw Stock Exchange. At the same time, the number of clients using mBank was planned to be increased to 600,000 from the current 400,000. According to BRE Deputy President Slawomir Lachowski, last year the bank invested $50 million in expansion of its retail banking operations. He added however that this year's investments may be lower. "The main sources of profit generated by BRE Bank this year will be corporate and investment banking," said Lachowski, adding that BRE's retail banking would not constitute a significant proportion of the bank's losses in 2002. According to unofficial information, BRE's losses for 2002 may amount to zl. 200 million with the losses of the whole group totalling zl. 300 million. (Parkiet, p. 3) A.Z.