Poland's largest bank PKO BP appoints chief executive

Poland's largest bank, state-controlled PKO BP SA, said Thursday it appointed acting CEO Rafal Juszczak as its new chief executive.

Juszczak, 38, was voted in at a supervisory board meeting late Wednesday and will take office after clearance from Poland's banking authorities, the bank said in a statement.

The bank's previous CEO Andrzej Podsiadlo resigned in October 2006.

Juszczak joined PKO BP in August 2005, and was supervisor of corporate banking operations. He earlier served seven years at Citigroup's Polish unit Bank Handlowy in Warsaw.

In April, the bank's shareholders approved a strategy for years 2007-2012 aimed at doubling the net profit by 2012. In 2006, PKO posted a full-year net profit of 2.15 billion zlotys (US$758.5 million; €565 million).

Source: iht.com