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Takeover will increase the Hungarian bank's total assets by around 13%
Issuer has the country's longest tier two curve
The sovereign has finished international funding for 2026
Private placements are not unknown for CEE sovereigns, but this is the biggest for years
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Poland has transformed over the past two decades with Warsaw climbing up the ladder to become the number one CEE financial centre. More innovative products are in the pipeline with the intention of attracting investors, but Warsaw’s ambitious plan to merge its stock exchange with the Vienna-based CEE Stock Exchange Group is causing friction, writes Philip Moore.
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Andrzej Raczko was Poland’s finance minister during the final stage of the country’s accession to the European Union in 2003-4. Today, he is a member of the management board at the National Bank of Poland (NBP). In this interview, he shares his views on the outlook for Poland’s economy and financial services industry with GlobalCapital’s Philip Moore.
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Poland’s domestic institutional investor base has been widely regarded as the blueprint for other markets throughout central and eastern Europe to follow. But big reforms in February that saw Z150bn of private pension assets transferred to the state prompted observers, including the EBRD, to question whether the sector will remain viable. Philip Moore reports on how Poland’s pension fund industry and the country’s capital markets are likely to be affected.
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Volumes in Poland’s equity futures market have continued to grow, driven by a healthy balance between local and international financial market participation. The Warsaw Stock Exchange is taking steps towards developing the country’s equity derivatives market further, as well as improving liquidity in its cross-asset derivatives offering. Robert McGlinchey looks at the path ahead for Poland’s listed derivatives market.
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It is probable that this year’s roster of new CEE borrowers in the euro market will include Bank Gospodarstwa Krajowego (BGK), which is the only wholly state-owned bank in Poland. BGK’s primary objective today is to support the government’s social development programmes and infrastructure investment. It also provides support for micro, small and medium sized companies. In this interview, BGK’s president Dariusz Kacprzyk explains why the bank will become an increasingly familiar borrower in the international capital market in the next few years.
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Well funded and well capitalised, Poland’s banking sector has weathered global economic turmoil and a prolonged period of low interest rates with only a modicum of discomfort. As economic growth picks up, the country’s financial institutions are out in search of new lending opportunities. Steve Gilmore reports.