BOŚ enters German market

Poland's Bank Ochrony Środowiska (BOŚ) will offer deposits in the euro currency, the bank stated in a press release on Tuesday. In the first stage of the project, over the next year, the bank intends to raise tens of millions of euros. BOŚ has implied that entering the German market is a pilot test, and it may serve as a basis for establishing cooperation with new partners in other markets. "BOŚ serves customers who need financing in other currencies operating on European markets. Therefore, we reached toward the nearest market for us, and one which, on the basis of a European passport, offered deposits in euros. This will build a deposit base in that currency. Our operation also involves lowering the cost of financing portfolios in foreign currency," said BOŚ vice-president Anna Milewska in the statement. BOŚ will be teamed up with the German broker Raisin, which manages WeltSparen online platform. The platform accommodates the deposits of more than twenty banks from many EU countries. It has available long-term deposits in the form of annual, biannual, and three-year forms, in 1.05, 1.50 and 1.60 percent interest rates, respectively. The minimum deposit is PLN 44,000, while the maximum is PLN 440,000. It is possible that there will be more products under BOŚ, in the form of 5-year deposits.