Goldman Sachs (NYSE: GS) To Enter Poland Market
Goldman Sachs (NYSE: GS) has announced that it will be seeking to open a branch in Warsaw, as the Polish government prepares to offer record share offerings this year, according to company Spokeswoman Monika Schaller in a statement on Friday.
Credit Suisse Group of Zurich announced in January that it would be opening a brokerage in Warsaw this year after closing its Warsaw-based stock-dealing business in 2003.
“The government has a very ambitious plan to make Warsaw a financial hub for the region and expects foreign banks to establish a local presence,” Marek Gul, who heads Credit Suisse’s business in Warsaw, said in an interview. “Investment banks that aren’t yet here want to get in.”
Poland’s national government plans to sell ownership stakes in its energy, insurance, chemical and phone companies to raise $10 billion to finance the company’s widening budget deficit.
Companies such as Goldman Sachs and Credit Suisse stand to make significant revenue from advisory work related to the offerings.
Poland was the only country in the European Union to avoid a recession during the financial crisis. The Warsaw Stock Exchange has also seen a tripling in the total value of listed companies since 2003.