Eurobank EFG announces today the next substantial development phase of its Polish business (Polbank EFG operating as a branch) and its intention to examine the possibility of collaboration with a potential partner for its Polish business, in order to accelerate and deliver on the significant growth plans.
The next phase of Polbank EFG`s development will involve the incorporation of our branch business as a separate bank with a full Polish banking license and a doubling of the size of the balance sheet in the medium-term, in part through the introduction of a corporate offering for medium-sized enterprises.
Eurobank EFG will update investors in relation to the incorporation of the Polish subsidiary and the development of the business plan as and when appropriate. At this point in time, Eurobank EFG is not involved in discussions with any particular party.
Polbank EFG`s CEO, Mr. K. Stańczak, commented:
“We have created, in a relatively short period of time, a very sizeable business with almost 800,000 customers. Following this successful expansion, it is now the right time for us to seek the incorporation of Polbank EFG with its own Polish banking license. We believe the prospects of Poland and its banking sector to be highly attractive and we are excited about the development potential of our organisation.”
Eurobank EFG Group is a European banking organization with total assets of €85.9bn (1Q 2010). The Group employs more than 23,000 people and offers its products and services both through its network of over 1,600 branches and points of sale, and through alternative distribution channels.
Eurobank EFG Group has an established presence in Greece, Poland, Romania Bulgaria, Turkey, Serbia, Ukraine, United Kingdom, Luxembourg, and Cyprus. It is a member of the EFG Group, an international banking group with presence across 40 countries.
More information about Eurobank EFG can be found at www.eurobank.gr
Polbank EFG commenced operations in Poland during 2006 and is today the 8th largest retail bank in the country with a 4.4% retail lending market share centred on a strong presence in high quality residential mortgages and small business banking. Polish operations have been growing very strongly and today Polbank EFG’s network comprises 335 branches with nationwide coverage. Polbank EFG is the largest business in Eurobank EFG’s New Europe operations with €5.6 billion of assets.
More information about Polbank EFG can be found at www.polbankefg.pl