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The Warsaw Voice » Business » October 24, 2002
BANKING
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BISE Looking for a Partner
October 24, 2002   
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Bank Inicjatyw Społeczno-Ekonomicznych (BISE), also known as The Bank of Social and Economic Initiatives, is holding talks to secure an investor. BISE wants to issue about zl.100 million worth of stock.
BISE is looking for a new financial partner after France's Banque Populaire gave up on a plan to buy into the Polish bank. BISE has already overcome the shock it experienced when the French announced their decision.

"We are in talks with several foreign institutions," said BISE President Włodzimierz Grudziński. However, he refused to reveal the names of potential partners for the time being. The new shareholder can expect to acquire a controlling stake in BISE. Both the Industrial Development Agency (ARP) and France's Caisse Centrale de Crédit Coopératif, the largest shareholders of the bank at the moment, have no intention of standing in the way.

BISE wants to float anywhere from zl.80 million to zl.100 million worth of stock, but the final decision will belong to the future investor. Funds raised in this way would guarantee the bank three to four years of unhindered development.

"The bank is in good financial condition, but in order to develop more dynamically, it needs more capital," said Grudziński.

At the moment, BISE is awaiting the registration of its merger with Cukrobank of Wrocław. Two years ago, BISE took over Radom's Bank Energetyki. Even though BISE's core business is in the service of small and medium-sized enterprises, municipalities and foundations, the bank plans to offer new services to individual clients and launch an ATM network in the near future.

The merger with the Wrocław company will make it possible for BISE to nearly double the volume of deposits from individual clients.

Their value at BISE currently stands at almost zl.400 million, while Cukrobank has around zl.280 million.
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