WSC back from the brink - but is it drifting without direction?

Lublin-based Wschodni Bank Cukrownictwa (WBC) has managed to show a sign of recovery, thanks to the accepted share issue worth zł. 200 million which will be wholly acquired by a consortium of 12 commercial banks, including nine publicly listed ones. PKO BP has invested the most, namely zł. 50 million, and was granted 33% of voting rights during the shareholders' meeting of the Lublin bank. Raiffeisen Bank Polska, being the smallest new shareholder, invested zł. 2.4 million. The newly acquired funds will allow the bank to operate more freely, however it is still unclear what its new strategy is going to be. "This is a task for the management board. It can then be accepted or rejected by the new shareholders," said PKO BP spokesman, Marek Kłuciński. WBC on the other hand is counting on the new shareholders to help it work out a strategy which would improve its situation. (Puls Biznesu, p. 5) A.K.