Poland may open doors to Sberbank Russia’s largest financial group

In a spectacular turnaround from its ‘no entry for Russian financiers’ policy, Poland may allow Russian giant Sberbank to enter its financial sector, Polish economic daily Puls Biznesu wrote.

For years one of Poland’s most crucial national security policies was not to let Russian companies into the Polish banking and oil sectors, but the mood seems to be changing with Russia’s largest bank.

“It appears that the political decision has already been made,” an anonymous source told Puls Biznesu. “It is now all about creating the illusion that we are dealing with a regular investor. If we look at the press coverage, we will see that the bank has already declared the will to take over five banks. How do you say no to such a determined buyer? Obviously we do not want to appear xenophobic.”

The Polish media has hinted at Sberbank’s acquisition plans in Poland on several occasions.

The bank’s CEO German Gref announced that he is looking at Polish acquisition targets in the banking sector. However, until very recently, the Polish Financial Supervision Authority and the government had no intention of letting the Russian giant onto the market.

Things started changing a few months ago when Sberbank contracted an investment adviser and a PR agency help it enter the Polish market. The strategy seems to be working and Sberbank appears so often in the media that it is now being recognized as just another investor with foreign capital.

The campaign also includes frequent visits by bank representatives to the Polish government, the National Bank and financial supervisor.

Sberbank’s CEO recently announced that he is considering an IPO on the Warsaw Stock Exchange as a non-invasive way of familiarizing Poles with the bank’s services.

Sberbank is Russia’s largest bank with a 27% market share and branches scattered all around the globe.