The recent Chinese drive into Central Europe continues with reports that the country's largest bank, Industrial & Commercial Bank of China, plans to open a branch in Poland.
Poland's financial regulator KNF announced the plan on March 20, saying that it has set a number of information and regulation guidelines that ICBC's branch will have to follow once it opens, reports Dow Jones.
As bne reported on March 16, Polish investment agency PAIiIZ claims to have signed an agreement with China's giant sovereign wealth fund China Investment Corporation that will see the Poles scout out deals for the €314bn state fund. PAIiIZ signed similar deals with China Development Bank and the National Development and Reform Commission (NDRC) in December.
Meanwhile, Bank of China Vice President Yue Yi announced at the opening of his bank's second branch in Hungary on March 19 that BOC is set to develop its presence across the CEE region.