Saxo Bank is to open a Polish branch to try to attract new investors in the country and the wider central and eastern European region, and to drive greater traffic to its online trading solutions.
The Polish branch, Saxo Bank’s 22nd around the world, will open in Q4 2012 and be headed up by Maciej Jdrzejak. It aims to facilitate access to international financial markets and promote Saxo Bank’s connectivity and trading solutions via its physical location and banks of computers and employees.
The decision to enter the Polish market is a result of the bank's development strategy to expand its reach into markets with the potential for growth. Commenting on the move, chief executive Jdrzejak, said: "So far, our products and services had only been available on the Polish market through the online platform. As we see a growing interest among Polish investors to invest on the foreign exchange (FX) and global markets, we decided to open a branch in Warsaw.
Saxo Bank is subject to financial supervision of the Danish supervision authorities, and has now completed the procedure of notifying the Polish Financial Supervision Authority of its planned operations in Poland.