BGZ has new strategy and plans IPO

05-06-2008, 17:25

Warsaw (Puls Biznesu) – BGZ has a new strategy for the next five years.

Strategy of BGZ till the year 2012 is not revolutionary.

“We don’t want to be Poland’s first or second largest bank. We want to grow organically and strengthen our position”, Hieronymus Nijsen, BGZ deputy CEO appointed by Rabobank, the majority shareholder, said.

Today, BGZ has 3 percent of the market. As far as consumer finance is concerned, it sshares amounts to 1.5 percent only. Till 2012, the share should grow by 3-5 percent.

“Where we have 3 percent, we want to reach 5 percent. Where we have 1.5 percent, we want to have three percent”, Jacek Bartkiewicz, BGZ CEO explained.

BGZ will continue to focus on smaller towns with 10,000-150,000 of inhabitants. Till the year 2010, it will have 150 new outlets for PLN 100 (EUR 29.7m).

Today, Rabobank has 59.35 percent of BGZ. Over 37 percent is owned by the state. The ministry of the treasury wants the bank to be listed in July.

“The issue prospectus has already been submitted. We believe it will be approved this month”, Jacek Bartkiewicz added.

In the first quarter, BGZ had PLN 84m of net income against PLN 66m a year earlier.

(PLN 1 = EUR 0.297)

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