Polish Business Survey
Brewers create corporation
The management of Pepees and Perla have signed a letter of intention to create a non-profit corporation which will be involved in purchasing and marketing for both companies. The contract was signed after both boards had agreed to the proposal. Both companies should save around PLN1m annually through this agreement.
Kredyt Bank promises to do better
Stanisław Pacuk, managing director of Kredyt Bank, says in an interview in todayŐs Puls Biznesu that Kredyt Bank will give its clients a better range of products from next month. He hopes that the offer will be sufficiently attractive to permit the bank to get new clients in an ever more competitive market. He claims that Kredyt Bank is supposed to be a universal bank with a strong retail and corporate profile. He thinks that it is possible to get a six percent market share of retail banking before 2004. He would also like a bigger slice of the corporate market, which is the most profitable in banking, within the next two or three years.
Uniqa changes board at Polonia
The Austrian Uniqa will bring three of four of its representatives to the five person board at tomorrowŐs shareholders meeting of insurer Polonia. This should allow Uniqa, which is the strategic investor in the company, to speeden up restructuring the company.
DaewooŐs problems hit partners
Daewoo-FSO is claiming that this year it losses will end. However it is not only the mother company that has had problems but also all those who work with it. A three week work stoppage will now have its effects right through the entire distribution line. Daewoo-FSO is claiming that this stoppage is routine and that last year it had a break too late which caused overproduction of 30,000 cars.
Treasury accepts restructuring
The treasury has accepted the programme of restucturing the Częstochowa steelworks. Potential investors include Rautaruukki or Voest Alpine Stahl.
PLO increases capital
Shareholders of Polish Ocean Lines (PLO) have accepted an increase in the share capital of POL-Levant and subsidiary MarLog. PLO last increased its capital from PLN13.6m to PLN26.6m at the beginning of this year.
Seat dealers unhappy
The association of Seat dealers has reported to the prosecutorsŐ office and to the monopolies and competition body UOKiK that the Iberia Motor Company, the exclusive importer, is not respecting the terms of its contract with them. IBC denies the charges.