The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Privatization takes a slower route

A point of increasing concern for Poland and its foreign investors is the extent to which the new government is committed to the rapid pace of privatization that characterized the country's successful early transformation into a market economy. On present form doubts are emerging about its willingness to press ahead with the rest of the job, particularly in strategic sectors and where the already high unemployment rate is likely to be increased.

       
Lescek Balcerowicz

Most Polish assets are now in private hands - 76% of assets in the banking system are foreign-owned, for example - but some prize assets are still state-owned. The government has been frank about the fact that it wants to review some of the sales that were pending under the direction of the previous government, particularly in the insurance, banking, oil and power sectors.


Among these, the new government has said it will block the sale of the four remaining major state-owned banks: savings bank PKO Bank Polski, co-operative bank Gospodarki Zywnosciowej, Bank Gospodarstwa Krajowego and postal bank Bank Pocztowy.


It wants to do this because it feels that the privatize-at-any-cost strategy pursued by the previous government led to some misguided disposals. And now there is the additional pressure of the rising unemployment rate, which already stands at 18%.



You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree