Change in BRE Management Board, Cezary Stypułkowski appointed new CEO of third largest Polish bank

Change in BRE Management Board, Cezary Stypułkowski appointed new CEO of third largest Polish bank

The Supervisory Board of BRE Bank has today appointed Cezary Stypułkowski for the new CEO as per October 1, 2010, subject to the approval of the relevant authorities. Until now he has been Managing Director and Head of Central and Eastern European Investment Banking at J.P. Morgan in London. At the same time, the Supervisory Board has released Mariusz Grendowicz from his position as CEO of BRE Bank with immediate effect. 

Until October 1, 2010, the company will be headed by Wieslaw Thor who at present is Executive Vice President of the Management Board and Chief Risk Officer. The Management Board of BRE Bank continues to consists of Karin Katerbau (Executive Vice President and CFO), Przemysław Gdański (Head of Corporate Banking), Hans Dieter Kemler (Head of Investment Banking), Jarosław Mastalerz (Head of Retail Banking) and Christian Rhino (COO).

The first two quarters of 2010 look very promising for BRE. Consolidated pre-tax profit and net profit in Q2 2010 amounted to PLN 171.0m and PLN 124.3m respectively and were by 8.3% and 7.7% higher than in Q1 2010. There is a clear upward trend. BRE Bank Group’s consolidated financial report for H1 2010 will be published on 4 August before start of quotations at WSE.

“We are very pleased that we were able to win Cezary Stypułkowski as new Chief Executive Officer and President of the Management Board of BRE Bank. As an experienced CEO he has proved his leadership skills already in different challenging positions in Central and Eastern European financial services sector”, said Maciej Leśny, Chairman of the Supervisory Board of BRE Bank.

“At the same time, we would like to thank Mariusz Grendowicz and wish him all the best for the future, both professionally and personally ”, he said.

“Central and Eastern Europe is the second domestic market of Commerzbank. With Cezary Stypułkowski we will be strengthened by an experienced manager who will continue to implement and further develop the new strategy of BRE Bank”, said Andre Carls, Deputy Chairman of the Supervisory Board of BRE Bank and CEO Central & Eastern Europe of Commerzbank AG.

Cezary Stypulkowski (53), is a graduate from Warsaw University, where he obtained a PhD in corporate and financial law. In the late eighties he was Fulbright Scholar at Columbia University Business School. Since 2006, he headed the investment banking activities of J.P. Morgan in Central and Eastern Europe. Previously, he was CEO of the largest Polish insurance company, PZU. He and his team have successfully managed the group for three years, tripling its valuation and net profits. From 1991 to 2003 he was President and CEO of Poland's oldest bank, Bank Handlowy w Warszawie SA . In 1997 he has launched the company to the stock market in one of the most successful IPOs at the WSE ever. He has also managed very complex merger between Handlowy and Citibank’s operations in Poland.

Mr. Stypulkowski was a member of Deutsche Bank International Advisory Board, member of INSEAD International Council, a member of the Board of Directors of Institute of International Finance in Washington and a member of Geneva Association.

Cezary Stypulkowski is married to Polish journalist and book writer Anna Majewska and has a 28-year-old son.

Wiesław Thor graduated from the Faculty of Economy of the Warsaw School of Economics in Warsaw. He joined BRE Bank in 1990 and became Head of Risk in May 2000. In August 2002 he joined Bank Handlowy w Warszawie as Managing Director. Returning to BRE Bank in November 2002, he was appointed Member of the Management Board and Chief Risk Officer. In 2008 he was appointed the Executive Vice President of BRE. Wiesław Thor is a professional trainer in credit, graduating from KPMG/University of South Carolina/ Wachovia Bank. He is a lecturer of the Warsaw Institute of Banking and the Warsaw School of Economics. He is a member of the Steering Committee of Risk Management Association European Credit & Risk Management Round Table and GARP Polska.

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