Polish authority grants license to Estonian Inbank
Poland’s financial inspection authority gave Estonian financial services provider Inbank the permission to take up business in the Polish market, the company reported on Thursday.
Inbank will offer its full range of products there, including savings, consumer loans, and payment by installments. Its legal format will be that of a local subsidiary of the Estonian parent company.
Currently the Polish team was eight strong, the bank said. The branch will be run by Maciej Pieczkowski, who previously worked for Polish Bank BPH, a subsidiary of GE Capital.
According to Pieczkowski, the time was right for a new bank to enter the market. The local economy was characterized by several positive factors, including a forecast 3% GDP growth, increasing consumer confidence, salaries of households on an upward trend, and access to loans in an environment with low interest rates.
Inbank’s CEO, Jan Andresoo, added that Poland was one of Europe’s currently most dynamic markets for consumer credit services. The total market size surpassed €35bn, and the credit quality on the whole was improving as well.
Inbank, registered as a bank since April 2015, offers its services online as well as through partners. Together with its partners, the company has some 160,000 client agreements in place in Estonia.
Jan Andresoo and Priit Põldoja are the driving force behind Inbank. Both originate from one of Estonia's great 1990s success stories, Hansabank (now the local subsidiary of Swedbank).