2nd December 2004
Tuesday, December 15th, 2009
Xelion's strategy of targeting wealthy clients has yet to pay off
After three quarters of 2004 financial advisor Xelion, owned jointly by bank Pekao SA and Italian UniCredito Italiano, recorded a net loss of zł.15.4 million.
The main objective of the firm is to sell financial services to clients who earn more than zł.5,000 net monthly. "Half of this amount will be reflected in Pekao's financial result, while the other half will hit UniCredito Italiano. According to projections, Xelion should start generating profits in 2006," said Pekao SA spokesman Robert Moreń. Tomasz Marszałł, Xelion marketing director, claims that the breakeven point could be reached in 2007 or even 2008. Pekao has not revealed how much it has so far invested in the advisor, but Xelion's representatives claim that the loss is due to the firm's development. By the end of 2004, the enterprise planned to double the number of sales reps to 300, open outlets in all major cities, despite the fact that such an investment spree was earlier anticipated for 2005. (Puls Biznesu, pp. 1, 9) M.M.
From Warsaw Business Journal
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