Poland Tries Wooing Financial Institutions For Business After Brexit Vote

Poland

It’s been reported that Mateusz Morawiecki, the country’s deputy prime minister, is scheduling meetings with senior bankers from Barclays, Citibank, Credit Suisse, UBS and BNP Paribas during a UK trip on Thursday. Moraweicki is one-time chairman to Bank Zachodni WBK and former Santander banker.

He’s allegedly meeting with executives from various investment funds like Blackrock, Pimco and Schroders. The goal is to pitch Warsaw as the place for banks, worried about London’s future, to come to. Morawiecki said many banks have approached Poland officials, expressing their desire to move on.

Warsaw is just one of many European cities looking to woo banks and other financial institutions, among the increasing uncertainty of the City’s role following the Brexit vote. Financial capital Frankfurt, Germany has sent a message that it’d like to take business away from London.

Paris is another European city, looking to take away business from London. Manuel Valls, France’s prime minister, told the Financial sector that they were welcome to come to France right after the Brexit vote.

Paris and Frankfurt are regarded as huge economies, which makes it harder for Poland to attain the attention of the largest banks. Numerous businesses have said the Brexit vote has forced them to make changes in their European businesses. According to a regulatory filing filed by Goldman Sachs, the decision could have a negative impact on certain UK and EU operations.

Bank of America Merrill Lynch and Barclays could shift their companies’ business to Dublin; Goldman Sachs will have subsidiaries in Frankfurt and Paris. JPMorgan would move its resources to Luxembourg, where it’s already got a subsidiary.

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