News Parkiet

Information Technology

Matrix.pl may give up IPO plans

Matrix.pl software house has reportedly sold rights to Symfonia small and medium business accounting solution to UK's Sage Group for 10.3 million pounds in a secretive deal that puts in doubt Polish company's IPO plans. Several weeks ago Matrix received SEC clearance for its 30-million zloty offering on the Warsaw bourse. Polish firm refused to comment on the situation citing 'quiet period' stock market regulations.

Banking

BRE's Internet banking unit to boost profits

BRE Bank's Internet arm plans to boost its pretax profits nine-fold to 28 million zloty compared with just 3 million zloty last year, chief executive Sławomir Lachowski said at a news conference in Warsaw yesterday. mBank, Poland's no. 1 Internet bank, expects to have more than one million clients by the end of 2005, up from about 800.000 it has now.

Insurance

Warta reports 2004 earnings

KBC's Polish subsidiary TUiR Warta reported fiscal 2004 earnings that were almost four times higher than previous year's figures. Poland's no. 2 property insurer said its profits totaled 68.3 million zloty ($22 million), up from just 18.2 million in 2003, when it was forced to take massive charges because of the decline of its private pension fund unit. Premiums fell by 0.7 percent to PLN 1.73 billion ($550 million), Warta said in a statement.