Finance and social work

La Caixa, Spain's third-largest lender in terms of assets, has opened its first operational office in Poland. The new office will function as a branch rather than a subsidiary for the Catalunian savings bank, which has more than 5,000 outlets in its native country.

"This country has great economic and social potential and this is why we decided to enter the market," said José de Conrado, general director of "la Caixa" Foundation, the bank's social arm. The lender is counting on securing clients among Spanish firms also interested in making a foray into the Polish market, many of which are already La Caixa clients in Spain. "However, we have decided to come to Poland foremost because we are interested in the offer for Polish society," added de Conrado.

The company has not yet revealed details about how it wants to develop its network of offices in Poland. "We have plans for development, but it all depends on the reception we get in Poland," de Conrado said, affirming that if the enterprise proves successful, the bank will follow through on expansion in the region.

A number of La Caixa's 11 million Spanish clients are also its shareholders - thus it is obliged by Spanish law to donate part of its profits to welfare projects in areas of culture, education, the environment and social issues. Last year it donated X400 million for such projects. "We will initiate social projects in Poland, even though our single branch might not be making huge profits in the early period," de Conrado said. In conjunction with the opening of its first branch, the "la Caixa" Foundation has opened an art exhibit in Warsaw's Zachęta Gallery.

In 2006, La Caixa's profits amounted to R1.5 billion and this year's target is R2 (zł.7.5) billion.