News Parkiet

Banking

Banks too quick to hike fees, CEO says

Major Polish banks may be getting ahead of themselves in their rush to hike personal account maintenance and other fees, ING Bank Śląski?s Brunon Bartkiewicz said recently. Big banks that boosted their monthly fees recently include state-owned PKO BP and Bank BPH, which tries to boost its bottom line before the upcoming merger with UniCredito?s Pekao.

Home furnishings

Forte to continue Russian investment

Polish furniture company Fabryka Mebli Forte says it will continue its investments in Russia despite the ongoing cold war between the two countries. Forte?s newest factory is set to open this Thursday in Vladimir near Moscow, company officials said. The group decided to build a new production facility there to avoid Russia?s exorbitant customs duties up of up to 100 percent. Another furniture-related company, Pfleiderer AG?s Grajewo admits that Russia is a ?difficult? place to do business. Nonetheless, Grajewo went ahead with its 80-million euro investment there, building a new chipboard factory in north-western Russia.

Retail supplies

Novitus IPO closing this week

Monday is the last day for investors seeking to buy shares of Novitus SA, Poland's biggest cash register maker. Its main shareholder, BRE Bank, offered to sell up to 3.6 million shares worth some 55 million zloty each, at 15.3 zloty a share. If the offering is successful, post-IPO shareholders will own 78 percent of the company.