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NEW MORTGAGE BANK FOR POLAND

 NEW YORK, Dec. 30 /PRNewswire/ -- The Polish-American Enterprise Fund announced that the Polish-American Mortgage Bank -- the first private bank in Poland dedicated to residential lending -- has begun operations.
 "Early on, we recognized the opportunities for Polish private sector growth in housing construction and that sound mortgage banking would be essential to tapping that potential," explained Robert G. Faris, president and chief executive officer of Enterprise Investors, the investment manager of the Polish-American Enterprise Fund.
 "Consistent with our strategy of not waiting for the perfect conditions to exist in Poland before we take action, we have helped to build an institution that can begin to address the needs of Poland's private residential construction market," added Faris.
 He continued, "And we believe this new mortgage bank will be a precursor for other participants in developing an important sector of the Polish economy."
 The Polish-American Enterprise Fund conceived of and played the leading role in establishing the Polish-American Mortgage Bank and is providing $10 million of its initial capitalization of $16 million, with the remainder provided by the Polish bank Wielkopolski Bank Kredytowy, S.A. and the Polish international design and engineering firm PLZ Polservice. The Enterprise Fund recruited experienced American and Polish executives of the Mortgage Bank with backgrounds in banking, finance, real estate lending and architecture. KeyCorp Mortgage Inc. of Albany, N.Y., assisted in the early training of some Polish staff.
 Speaking for the Polish-American Mortgage Bank, Dr. Jenne K. Britell, its president and chief executive officer, emphasized, "We are a unique Polish institution which has been created with a very special and focused mission -- to expand home ownership in Poland by offering new financing options for private residential construction and the purchase of those homes. We believe this initiative will be an important stimulant to home building in Poland and the development of a viable mortgage market there."
 Britell continued, "We have established this institution with the help of Polish and American capital and American operational models that have proven successful. We look forward to developing a profitable banking enterprise based on prudent lending practices, sound investment, efficient operations, good internal controls and correct analysis of the market.
 "In doing so, we are blending our American experience with Poland's needs and conditions for residential construction financing," added Britell.
 She noted, "Being a 'first,' as the Polish-American Mortgage Bank is, presents special challenges, but also special rewards for being in the market early."
 The Polish-American Mortgage Bank offers loans to qualified developers throughout Poland for up to 60 percent of the project's construction costs for a maximum term of one year at a fixed rate of currently 14 percent per annum. Home purchasers can obtain financing on terms unprecedented in Poland -- 15-year fully amortizing mortgages for up to 50 percent of the sales price at a fixed rate of currently 12 percent per annum. Both construction and mortgage loans are denominated in U.S. dollars. Initially, the Mortgage Bank will specialize in financing single-family housing in the $40,000-$75,000 range.
 -0- 12/30/92
 /CONTACT: Francis J. Skrobiszewski, vice president of Enterprise Investors, 212-339-8330; or Jenne K. Britell, president and CEO of the Polish-American Mortgage Bank, (48-22) 27-33-09/


CO: Polish-American Enterprise Fund ST: New York IN: FIN SU:

KK -- CL002 -- 0514 12/30/92 08:00 EST
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Publication:PR Newswire
Date:Dec 30, 1992
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