Private banking 2012: Noble Bank – Poland
Noble Bank goes for the no-nonsense approach to business in Poland to win clients. "When international banks become aware that a Polish high-net-worth individual exists, they hound him to invest with them. But that individual soon becomes disenchanted with the global banks and comes to us," says Maurycy Kühn, board member of Getin Noble Bank in Poland. "Although it’s hard to compete with the glitz of some of the bigger banks, we offer clients specific advice tailored to their needs, which global banks fail to do."
As businesses in Poland grow, "entrepreneurs are looking to invest portions of their profits and turn to us for advice and guidance," says Kühn.
Economic conditions have provided some challenges. "The currency has depreciated massively compared with the euro – down 10%," he says. "This is unfounded and unfair. And because of this, we have seen strains in funding and pressure on profit margins. To counter this, we need more deposits."
And the fallout from the eurozone doesn’t end there. Because there is "little inflow of foreign money into Poland at the moment," funding continues to be strained, says Kühn. But Noble Bank sees opportunity in the slowdown.