Poland

Foreign direct investment (FDI) in central and eastern Europe should top Ђ20bn in 2004 and 2005, according to Bank Austria Credianstalt (BA CA).

Poland's leading leasing company Europejski Fundusz Leasingowy (EFL), the local unit of French banking giant Credit Agricole, had a stellar April as it put assets worth PLN 300m (Ђ63m) under lease, boosting the four-month result to PLN 680m (Ђ143m

A new EU accession country investment fund (Phare) launched on April 30, is ready to grant EUR 58 million to around 4,600 domestic small- to medium-sized enterprises (SMEs).

Nordea Bank Polska, Raiffeisen Bank Polska, WestLB Bank Polska, and NordLB Polska, among others, all look poised to pursue more aggressive banking strategies - the most important part of which, analysts note, is procuring new lending business from

Now that Poland is part of the European Union, small businesses are worried they could be crowded out by large international chains. But globalisation also presents some opportunities as big companies look for local partners.

Foreign companies invested US$ 6.42 billion in Poland last year. The fall in foreign direct investment (FDI) stopped in 2003.

Raiffeisen Bank Polska, the Polish subsidiary of the Austrian bank, used 2003 as a chance to build out its business with small- and medium-sized businesses (SMEs) and begin a drive into retail banking and let the profits swell.

The management board of Warsaw-based Forin Sp. z o.o. has announced that following the signing of an agreement on 6 February 2004, Warsaw –based Bank Millennium S.A. has purchased from Forin Sp. z o.o.

Net profit of BRE Leasing increased to Zl3 million in 2003 compared to Zl1.6 m in 2002. Volume of new leasing transactions was Zl873.4 m in 2003.

BRE Bank has a 50% share in BRE Leasing, 49.9% owns Commerz Leasing and Immobilien AG.

BZ WBK Faktor, owned by BZ WBK bank and Bibby Factors, the Polish unit of the UK’s Bibby group, will join together to offer factoring services for companies.