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EBRD invests in Poland's Kredyt Bank
To finance the growth of Poland's Kredyt Bank S.A., the European Bank for Reconstruction and Development (EBRD) is purchasing 2 million newly issued ordinary shares, or 7.8 per cent of Kredyt Bank S.A. for PLN 13.8 million (US$ 5.1 million).
"Kredyt Bank has emerged as one of the leading private banks in Poland and offers a broad range of commercial banking services to key sections of the economy. The EBRD has been working with the management team since 1993," said Ron Freeman, First Vice President of the EBRD. "Kredyt Bank will be able to offer new products and services as well as increase its loans to small and medium sized businesses in Poland."
The new capital will allow Kredyt Bank to implement its branch expansion plans. The bank also intends to upgrade its technical infrastructure and improve its banking products.
Kredyt Bank was established in Warsaw in 1990 by a group of Polish institutional investors. It serves small and medium sized enterprises and has recently been successful in targeting individuals. It plays an important role in providing banking services in the countries of the former Soviet Union.
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