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Business/Finance See other Business/Finance Articles Title: Chinese banks putting down roots in Poland to enhance "Belt and Road" opportunities WARSAW, July 5 (Xinhua) -- Recently, under a loan provided by the Bank of China's Polish branch, China Everbright International Limited acquired Poland's biggest solid waste disposal company, Novago, for 123 million euros (137 million U.S. dollars). The acquisition marks the largest sum of a single project in Poland by a Chinese enterprise. The purchase was one of many made by Chinese banks in Poland to promote the "Belt and Road" initiative. Poland, a crucial node in the "Belt and Road" initiative, due to its strategic location and good investment environment, has become a center of attention for many Chinese institutions and businesses. Numerous Chinese banks have opened branches in Poland, putting down roots in the Polish market, and providing financial support for Chinese enterprises. Director of the Bank of China Polish branch, Xia Bin, told Xinhua that for Chinese banks in Poland, entering the mainstream local market and expanding the influence of brands is regarded as a core business development. As the first Chinese bank officially opened in Poland, the Bank of China Polish branch has entered the Polish financial market, offering loans, trade financing, guarantees, deposit, and wealth management business for Chinese-Polish commercial circles, providing a comprehensive service both for financial and individual clients. Since its opening in June 2012, the Bank of China Polish branch has already "won" a number of important projects in Poland, including providing 140 million euros of refinance credit support to the Capital Park Group, investor of the Eurocentrum Office Complex; involvement in a wind power loan project with Polish Energy Group POLENERGIA as one of the leading banks, and participation in the real estate credit project of Polish Blue City Group. Xia said all of these enterprises cooperated with international banks and financing institutions. The fact that Polish branches of the Chinese bank can participate in these projects and ventures proves the Chinese banks have already entered the Polish market and gained the trust and approval of the local companies. With the advance of the "Belt and Road" initiative, Chinese banks are seizing upon strategic opportunities, gradually putting roots down in the local market, and observing the accompanying increase in profits. According to the data provided by the Industrial and Commercial Bank of China Poland branch, until May 2016, the total assets of the bank were 2.0 billion U.S. dollars. Since opening in December 2012, the accumulated after-tax profit reached 17.15 million dollars, and counting from the first full fiscal year in 2013, the assets reached an annual growth rate of more than 50 percent with an annual after-tax profit growth of 100 percent. On one hand, the Chinese banks provide help to "Belt and Road" strategy implementation, promoting cooperation between Poland and China in the fields of resources, transportation, infrastructure, manufacturing, as well as production capacity. On the other hand, they enhance the level of overseas financial advising services to help Chinese enterprises. Bank of China's Poland branch also provided 260 million zlotys (about 65 million euros) for the core financing project of the China Three Gorges Corporation's holding company EDPR Group, supporting the group's investments in the Polish wind power sector. Xia said Chinese banks should grasp the "Belt and , One Road" strategic opportunity and strive to build its financial artery, adhere to both local business and service aimed at the Chinese enterprises. Chinese banks should also fully bring into play the international, diversified, professional advantages, and further promote exchanges and cooperation between China and Poland. Editor: An Related News • Spotlight: China's Belt and Road initiative brings new opportunities for China-EU cooperation • Malaysia's minister hails win-win relations with China under Belt and Road Initiative • Interview: Belt and Road Initiative of global significance: Vietnamese expert • Belt and Road Initiative links China's development with that of Serbia, Poland, Uzbekistan Poster Comment: Perhaps with China's drive and economic dynamism pusillanimous Poles, plumbers, etc., won't have to go to England for jobs. Post Comment Private Reply Ignore Thread
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