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International Internet Magazine. Baltic States news & analytics Monday, 19.08.2019, 03:22

Estonia's Inbank gets green light from Polish financial watchdog

BC, Tallinn, 12.01.2017.Print version
The Estonian financial services company Inbank on Tuesday received permission for providing banking services on the Polish market, report LETA/BNS.

Maciej Pieczkowski, general manager of Inbank's branch in Poland, said that Inbank's main competitive advantages in Poland are the emphasis on technology and focused approach to business. "The pillars of our business will be securely automated processes, sales through web channels and selected partners, and good service standards," Pieczkowski.

According to Pieczkowski, it is a favorable time for a new bank branch to start operating in Poland. "The Polish economic environment is largely characterized by positive factors: the forecasted 3% economic growth, an increase in consumer confidence, rising household incomes and better availability of credits within the low interest rate environment," he said.

Inbank's CEO Jan Andresoo added that Poland is one of the most dynamically developing consumer financing markets in Europe. "The volume of the Polish consumer financing market is more than 35 bln euros and in addition to the growing loan portfolio, credit quality is improving as well," Andresoo said. "We can start our operations in Poland according to our business plan," Andresoo added.

Inbank plans to start operating in Poland during February 2017. Inbank's legal form in Poland will be a branch, allowing the bank to offer the entire range of its product portfolio in the country, including deposit products, consumer loans and hire-purchase. At the moment, the Polish branch's team consists of 8 people. The branch is headed by Maciej Pieczkowski, who led Bank BPH (part of GE Capital International) retail products division owned by GE Capital before joining Inbank.

Inbank, which started operating as a bank in April 2015, offers services via its internet bank and a large partner network. The company started in 2010 with the establishment of the financial technology and hire purchase company Cofi. Inbank and its subsidiaries have more than 160,000 active customer contracts in Estonia.

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