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KNF sets conditions for ICBC’s Polish operation


2012-03-21



The Financial Supervisory Commission (KNF) has laid down several conditions for allowing Industrial and Commercial Bank of China (ICBC) to start operations in Poland by opening a branch office of its affiliate in Luxembourg. The Chinese bank has already filed a notification with the KNF under an EU-wide procedure and is now awaiting final authorisation.

The status of a local branch office means ICBC will not be subject to the same level of oversight by Polish authorities as domestically incorporated banks. The Commission therefore wants ICBC to commit to certain standards as regards the reliability of information provided to customers, both directly as well as through marketing and advertising activities; to publish financial reports in the Polish language; or to observe KNF guidelines with respect to "acting in accordance with the public good", particularly in areas such as consumer rights, security of business activity, or preventing legal violations and increased systemic risk in the financial sector.

See also the news item "Bank of China to inaugurate Polish branch in April".



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