P.M. BRIEFING : Poland OKs 5 W. Europe Banks
Poland’s Solidarity-led government has authorized five major West European banks to open offices but they will not be allowed to trade with the public, a Finance Ministry official said today.
Mieczyslaw Fraczak, a director at the ministry, said Frankfurt-based Deutsche Bank AG was the latest to receive authorization from Finance Minister Leszek Balcerowicz.
The others are Banca Commerciale Italiana, Societe Generale and Credit Commerciale et Industrielle of France and Centro International Handelsbank of Austria.
Fraczak said the banks could not engage in deposit or credit transactions under Polish law but are restricted to acting as intermediaries between their head offices and Polish banks and financial institutions.
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