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Opening of a branch office in Poland by european credit institutions

Opening of a branch office in Poland by european credit institutions

According to the Article 48i of the Polish Banking Law, a credit institution may conduct its operations inPolandvia branch office or as cross-border activities.

The credit institution shall mean an entity whish meets fallowing requirements:

– its registered seat is placed outside theRepublicofPoland, in the territory of one of the EU Member States or a member state of the EEA,
– has been granted a permit by the supervisory authority of one of the member states and is subjected to the supervision of such authority,
– its economic activity consist of: accepting deposits, granting loans or issuing of electronic money.

The credit institution may undertake its activity inPolandvia a branch office without a need to obtain another permit or covering initial capital. However, it is obliged to notify the supervisory authority of its intention to undertake activity in another member state via a branch office.

The supervisory authority of the parent country examines formal aspects of the credit institutions’ intention to set up a branch in another member state. As to the substance – the adequacy of the administrative structure and financial condition of the credit institution is being examined by the supervisory authority with respect to the possibility of opening a branch office.

When positively verified the application of the credit institution, the supervisory authority of the parent country shall send, within 3 months from receipt of application, a notification to the supervisory authority of the hosting country, together with information on an amount of the capital requirements of the credit institution and amount of its own funds.

In accordance with the Article 48l of the Polish Banking Law, the branch of the credit institution may undertake its business activity inPolandnot earlier than after two months from the date of receiving the notification by the Polish supervisory authority from the supervisory authority of the parent country, Within the above-mentioned two-month period, the Polish supervisory authority may specify, in the public interest, the requirements to be fulfilled by the branch of the credit institution willing to conduct its activity inPoland.

By the public interest shall be understood, in particular: safety of business transactions, protection of consumer and a fair competition and goods protected by the criminal laws.

The last step to be made by the branch of a credit institution in order to conduct its activity in Poland is, pursuant to the Business Freedom Act, an obligation to obtain an entry in the appropriate register – the National Court Register

Aleksandra Comi

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