Polish PKO Bank is working on the launch of the corporate branch in the Czech Republic. In June, the Bank submitted to the KNF request notification in this regard. In the absence of grounds for refusal, within 3 months from the date of receipt of the notice (or supplements) with the intention of establishing a branch, the Financial Supervision Authority sends them the Czech supervisory authorities. Then the Czech regulator inform the Bank of the provisions of Czech law, which will apply to a branch.
– Opening of the corporate PKO Polish Bank in the Czech Republic is part of the process of intensification of the Bank’s support for the international expansion of Polish companies. We want to follow the Polish companies wherever they need our services. After analyzing the business needs of our customers, we decided to start another branch of a foreign bank PKO Polish, this time in the Czech Republic. The experience gained by the Bank both in the domestic market, as well as during start-up branch Corporate Frankfurt, will result in offering tailored to the needs of Polish companies operating in the Czech market – said Zbigniew Jagiello, President of PKO Polish Bank.
Czech Republic – one of the most important economic partners of Polish companies
The Czech Republic are among the most important economic partners Polish. They occupy fifth place in terms of trade (Germany, Russia, China and the Italians) is the second largest recipient of Polish goods and occupy 7th place in Polish imports. Export of Polish companies to the Czech Republic from year to year increases rapidly. In 2015. Its value amounted to 11.8 billion euros, and were 10% higher than in 2014. Also preferred are the prospects for direct investment of Polish companies in the Czech Republic. In 2015. They amounted to almost 1.5 billion by 2020. Their level should be close to 1.7 billion euros. Per year in the Czech Republic it produced more than 300 companies with Polish capital of over 25%.
Department for corporate clients
The division in the Czech Republic will focus on serving corporate customers, which would be analogous to the activities of the branch corporate PKO Polish Bank in Frankfurt. Akin will also offer branch. In the first phase of the project will offer, among others, current account, Internet banking, electronic, domestic and foreign payments, debit cards, overdraft, revolving credit and investment, Cash Pooling, or trade finance products. Customers in the Czech Republic will also be able to enjoy a wide range of treasury products of the Bank. In the next phase of the project is expected to extend the offered range of products and services further, in line with identifiable business needs.
The main strategic objective is to support key corporate customers of PKO Polish Bank, who are pursuing or planning to start a business in the Czech Republic and to support the expansion of Polish companies in this direction. We want to provide our customers with comprehensive services for the Polish, German and Czech, by offering favorable conditions for entrepreneurs to finance their activities, as well as extensive transactional banking, streamlines flows of funds between related parties.
PKO Polish Bank continues to support the international expansion of Polish companies
Starting a corporate facility PKO Polish Bank in the Czech Republic is part of the international expansion strategy of PKO assuming follow the customers. The Bank’s customers are companies operating in many world markets or companies that have aspirations to develop business in foreign markets. The maximum activity, taking into account both exports and foreign direct investment in the European Union, is targeted to Germany because in the first place (in December 2015.) Opened a branch in Frankfurt. One of the most important markets for the Bank’s corporate clients are also the Czech Republic, hence the decision to locate another branch in that country.
Corporate Branch will be located in the Czech Republic in Prague. His start is planned for 2017. The exact dates depend on obtaining all regulatory approvals.
Press release, abo
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