Poland’s biggest lender, state-controlled PKO BP, filed a motion to Polish Financial Authority to open up a corporate banking branch in Frankfurt. It will operate under the single European passport and service mostly Polish companies that plan foreign expansion. PKO BP wants to open the branch in 2015. According to the daily Puls Biznesu, the lender plans to launch similar offices in the UK, Czech Republic, France and Slovakia.
“It is natural to support Polish expansion abroad,” Zbigniew Jagiełło, PKO president, told the Financial Times. “We should go hand in hand with our clients. … Without a global position, you are under pressure . . . Multinationals are more profitable, it is obvious.”
“Clients are very excited. A few of them are saying ‘Why so late?’,” Jagiełło added, noting that there are an estimated 180,000 Polish-owned businesses in Germany alone.