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PSzÁF approves reduction in Credigen's registered capital

Financial market regulator PSzÁF has approved a reduction in the registered capital of Credigen Bank by Ft 300 mln to Ft 2 bln, PSzÁF announced. The reduction is the latest in a series over the last several years made in order to account losses and to bring registered capital in line with net assets. Credigen's owner, Scofino of France, last raised Credigen's capital by Ft 300 mln in May 2005. In 2002, Credigen, which specializes in consumer credit, had net losses of Ft 293.4 mln, in 2003 losses totalled Ft 189.3 mln and losses were Ft 505 mln in 2004. Credigen's total assets were Ft 8.045 bln at the end of 2004.