Bank Pocztowy postal bank changes strategy
Poczta Polska national post and Prokom IT company, owners of Bank Pocztowy bank, will increase the company’s initial capital by ZL13m. In October last year, Andrzej Szukalski, head of the bank, told Rzeczpospolita daily that the bank would be capitalised with ZL80-100 and then restructured. The owners’ strategy has now changed and Bank Pocztowy will no longer sell financial products. A change in postal regulations will allow Poczta Polska to distribute financial products itself and the bank will focus on creating these products. Bank Pocztowy plans to close all of its 60 branches by the end of 2004 and transfer the network to Poczta Polska. By the end of 2005, 2,500 new branches offering joint postal and banking services will be built by the post. While capitalisation is no longer a priority issue and will be conducted gradually, Poczta Polska announced that it will support the bank in a different manner.
Copyright 2003 Polish News Bulletin of the British and American Embassies. Source : Financial Times Information Limited.
