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Banco Popular to enter Poland


Banco Popular, the fifth-biggest banking group in Spain by assets and deposits, has identified Poland as a target in its foreign expansion plans, its spokesman Antonio Belmonte told Puls Biznesu. The group, which with assets of over €160bn is three times the size of Poland’s number one bank PKO BP, currently operates almost exclusively in Spain (it has a limited presence in Portugal), but a new strategy envisions entry into several other countries, including Poland. Mr. Belmonte revealed that Banco Popular was in the process of opening a representative office in Warsaw, the first step towards starting operations on the Polish market. It is not clear whether the bank has applied for a banking license in Poland or whether it will enter the Polish market under the single European passport for financial services after a notification process with the Financial Supervisory Commission (KNF).

Banco Popular claims to be one of the most purely retail and commercial banking franchises in Europe. It has more than 2,500 branches in Spain and some 250 abroad, and employs over 18,000 people.

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