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Bank of China prepares to enter Polish market


2012-01-16



Bank of China (BOC), one of the big four state-owned commercial banks in the People’s Republic of China, is taking steps to establish an office in Poland, Wojciech Kwasniak, deputy chairman of the Financial Supervisory Commission (KNF), revealed on 13 January. He added that the procedure was still at a very early stage, and that the bank would apply for authorisation to operate in Poland under an EU-wide license held by its subsidiary in Luxembourg.

The news comes less than two weeks after it emerged that the Industrial and Commercial Bank of China (ICBC), another of the big four state-owned Chinese banks, has initiated a similar procedure to set up a subsidiary in Poland. Mr. Kwasniak confirmed that these two banks have submitted applications with the Commission.



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