Bank of America's London move limits Polish presence

Bank of America (BoA) Polska has decided to cancel its license and to confine its presence in Poland to a single office. Commenting on the move, president of BoA Polska Stanislaw Popow said that the decision is part of a global strategy. "Our shareholder has decided to move our securities trade to London. The identical decision has been made in Greece, Italy and Spain," he said. Popow added that the decision was influenced by the need for the bank's greater centralization, which coincides with Poland's imminent European Union (EU) membership. He stressed, however, that Poland is an important country, which is why a BoA office will be established, responsible for offering financial advice and arranging and granting loans. It is not clear whether BoA Polska will be liquidated or sold. Six companies are believed to be interested in a purchase. Popow explained that if the bank is not sold, the liquidation process should not take longer than six months. (Rzeczpospolita, p. B5) P.J.