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Warsaw: consolidation among western banks is reshaping local markets to the east |
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In the months since Citibank’s surprise December announcement that it would acquire a majority stake in Poland’s largest trade bank, much has been made of the US bank’s skill and stealth in doing the deal. Not only did Citibank secure terms acceptable to Warsaw-based Bank Handlowy, it carefully avoided offending nationalist sentiment among those increasingly vocal Poles outraged by the sale of the country’s family silver to westerners.
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