Are you sure?

Owners raise capital in Credigen Bank

France's Credit Agricole raised the registered capital at its Hungarian unit Credigen Bank by Ft 250 million to withdraw the same amount immediately, leaving the cash injection in profit reserves in order to account losses and bring registered capital in line with net assets, Credigen Bank CEO Imre Bölcskei said yesterday.

Bölcskei declined to reveal the bank's losses from last year, but said it had adopted a new strategy which aims to make it profitable by 2007. Credigen Bank had total assets of Ft 7.343 billion at the end of 2005. In the first half of 2006, Credigen Bank's stock of loans increased 30% compared to the previous year, Bölcskei said.