J.P. Morgan opens branch in Warsaw
Nov 17, 2011
It is the bank's first branch in Central and Eastern Europe, reflecting the increased importance of Poland's economy to the region.
Warsaw, 17 November 2011 – J.P. Morgan today marked the official opening of its branch in Warsaw, Poland. It is the bank’s first branch in Central and Eastern Europe, reflecting the increased importance of Poland’s economy to the region.
“Poland’s economy has proved to be a lot more resilient to the crisis than other countries,” said Walter Schuster, Senior Country Officer for Central and Eastern Europe. “For the last 15 years it has experienced high and uninterrupted growth, which we believe will continue. It is a highly attractive country for foreign direct investment and provides a stable social, political and economic environment for Polish corporations as they continue to grow and invest abroad.”
J.P. Morgan first established a presence in the Polish market in 1995, opening a representative office licensed by the National Bank of Poland. Through J.P. Morgan’s expansion in recent years, the firm provides clients in Poland with investment banking, Treasury and Securities Services, corporate banking and asset management services.
“Poland has built extremely strong local equity capital markets and promoted the Warsaw Stock Exchange as a regional hub for capital expansion,” said Michal Szwarc, who heads investment banking in Poland. “As Polish private enterprises expand, we see potential for further consolidation and increased private equity activity.”
Jes Staley, CEO of the Investment Bank, and other senior executives will welcome clients and government representatives today at a reception in Warsaw. Official approval for the Polish branch was received from the UK Financial Services Authority (FSA) on April 27th and acknowledged by the Polish regulator on August 3rd. The branch officially opened on the 10th of November. The office is located at the Warsaw Financial Center.
The firm’s Warsaw-based investment banking team provides in-depth local market acumen, supported by the additional execution capabilities of industry specific coverage teams around the world. J.P. Morgan is a remote member of the Warsaw Stock Exchange (GPW) and one of the largest brokers of Polish stocks. The firm also provides research analysis out of Warsaw on a range of GPW-listed companies and in-depth reports on local markets. In 2010, J.P. Morgan was one of the first foreign banks to become a member of the Catalyst Bond Market and is currently expanding its cash equities business in Poland. For over 15 years, J.P. Morgan’s Treasury and Securities Services business has been a leader in providing over 20 Polish banks with US Dollar clearing and related services.