Volkswagen Bank Polska launching its retail service without branches

Beginning in April, Volkswagen Bank Polska is going to launch new retail banking services, intending to offer the best deposit interest rates on the Polish market. Although the bank has thus far focused on granting car-purchase credit, it now plans to launch a whole range of accounts for individuals and entrepreneurs. The bank's offer includes new types of products: current accounts with 16.5%-16.7% interest rate, and deposit accounts with an interest rate of 15.45%-17%, together called Volkswagen Bank direct. "Our strategy does not establish small branches, so we are going to be the only bank in Poland not providing services to its customers through branches. We will maintain customer contacts using new technologies: Internet and telephone," said Grzegorz Tracz, chairman of the bank's management board. The German parent company of Volkswagen Bank Polska has been involved in that kind of activity for 10 years, and its Polish subsidiary expects to attract 50,000-70,000 customers in the next 5 years. (Prawo i Gospodarka, p. 9) M. S.-C