“The opening of a branch in Germany is an important step in the implementation of strategic initiatives for the development of the Bank’s operations outside Polish borders. The main task of the facility will support the international expansion of Polish enterprises by offering them sewn custom-made products and services. The experience gained in another banking market will also improve the offer of PKO “- said the president Zbigniew Jagiello, quoted in the release.
Frankfurt branch will operate on the principle of the single European passport, therefore, the bank filed a notice of intention to establish a branch of the Polish regulator, which will then be procedował the request of the German regulator, are also given.
planned for 2015 start-up of PKO BP corporate facility in Germany is part of the bank’s international expansion strategy, aimed to follow the customers. The bank’s customers are companies already operating in many global markets or companies that have aspirations to develop business in foreign markets, highlighted in the press release.
“most active institutional clients Polish PKO Bank, taking into account both exports and foreign direct investment in the European Union, addressed to Germany. Therefore, the first direction of expansion of the Bank will be the German market” – explained.
In the absence of grounds for refusal, within three months from the date of receipt of the notice (or additions) of intention to establish a branch within the territory of a Member State, the Financial Supervision Authority shall forward them to the supervisory authority BaFin German. BaFin then inform the bank of the provisions of German law which will apply to the branch. Upon receipt of this information, or if no contact from the BaFin after 2 months from the date of the notice, the bank may begin to operate a branch in Germany.
The seat unit which will operate under the name of Polish PKO Bank Niederlassung Deutschland, Frankfurt will. Services offered at this facility will include: transaction banking products in the international cash pool, shared electronic banking, treasury, trade finance, consulting on. Foreign markets, foreign loans.
Polish PKO Bank is the leader of the Polish banking sector. The bank’s shares since November 2004. Shares are listed on the Warsaw Stock Exchange. Total assets of the bank amounted to 244.45 zł billion at the end of the third quarter. 2014. To 199.23 billion at the end of 2013.
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