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The Warsaw Voice » Business » June 29, 2012
Business & Economy
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Business in Brief
June 29, 2012   
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Bank of China Comes to Poland
The Bank of China opened its first branch in Poland June 6, aiming to provide services to both Chinese and Polish companies. The Bank of China chiefly targets large Chinese corporations interested in entering the Polish market and other markets in the region, including the Czech Republic, Slovakia and the Baltic states.

The new branch, in Warsaw, will also offer retail banking services such as deposit accounts and transfers denominated in the Chinese currency, the yuan. Mortgage loans are not available for the time being, although the bank does not rule out that such a product will be offered in the future.

The Bank of China, with a capitalization of $130 billion, is one of the largest banks in the world. It has representative offices in 20 countries. Poland’s Financial Supervision Authority in early April gave the go-ahead to the Chinese giant to enter Poland.

KGHM to Deliver Copper to China Minmetals
Polish copper producer KGHM Polska MiedĽ has signed a contract to supply China Minmetals with 50,000 metric tons of copper, with an option for a further 50,000 tons. The agreement follows a preliminary deal struck between the two companies in December. The Polish company will sell China Minmetals about 20 percent of its copper output over the next four years.

The total value of the contract from 2012 to 2016 could exceed $1 billion.

Poles Pinching Pennies
Poland’s households had a total of zl.996.6 billion in savings at the end of March, zl.36.2 billion, or 3.8 percent, more than at the end of 2011, according to the Analysis Online website. This is the sharpest increase since the first quarter of 2010, when household savings grew 4.1 percent.

Poorer Crops Expected
Due to this spring’s subzero temperatures, Polish growers are expecting reduced crops of apples, pears, peaches, apricots and cherries, though the reduction is unlikely to be substantial and fruit prices should remain at last year’s level. Apples are the main fruit produce from Polish growers.

FDI Keeps Flowing in
The Polish Information and Foreign Investment Agency (PAIiIZ) says it is piloting 148 new investment projects worth a total 4.86 billion euros. The projects are expected to create 36,000 new jobs, according to a spokesman for the agency. The largest number of projects involves investors from the United States, at 34 with a total value of 762.8 million euros, followed by Germany, with 19 projects worth a total of 535.4 million euros, Britain (15), Japan (eight), India (seven), and France and South Korea (six each).
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