Raiffeisen wants to buy mini-BPH

21-02-2007, 16:07

Warsaw (Puls Biznesu) – The bank would like to acquire part of Bank BPH from Pekao. Whether it succeeds or not, the bank will increase its network by 50 percent.

Warsaw (Puls Biznesu) – The bank would like to acquire part of Bank BPH from Pekao. Whether it succeeds or not, the bank will increase its network by 50 percent.  

Raiffeisen Bank Polska had PLN 248.5m (EUR 63.9m) of net income last year, or 13 percent more than a year earlier. It is going to share the income with its shareholder, the Austrian Raiffeisen group.

“We paid 30 percent out of 2005 income. We want to continue this trend”, Piotr Czarnecki, Raiffeisen CEO said.

The company will spend PLN 74.5m for the dividend. The rest will be spent for investment and development. The bank wants to launch 40 outlets to increase their number to 120. 500 new people will be employed and new products will be introduced. Piotr Czarnecki admits that the acquisition of mini-BPH with 200 outlets would make the growth rate faster. However, organic growth may be sufficient.

“Since 2002, we rose 2.5 time and the gross income grew 19-fold. Our ROE amounts to 33 percent. This is quite a good result for a bank which does not focus on consumer credits” the CEO stressed.

(PLN 1 = EUR 0.257)

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