Eurobank EFG is examining the possibility of collaboration with a potential partner for its Polish business Polbank EFG to accelerate and deliver on the growth plans.

Polbank EFG is a Poland-based retail bank that offers residential mortgages and small business banking. Polbank’s network comprises 335 branches with nationwide coverage with EUR5.6bn of assets.

According to the Eurobank EFG, the next phase of Polbank EFG`s development will involve the incorporation of its branch business as a separate bank with a full Polish banking license and doubling of the size of the balance sheet in the medium-term, in part through the introduction of a corporate offering for medium-sized enterprises.

Eurobank EFG will update investors in relation to the incorporation of the Polish subsidiary and the development of the business plan as and when appropriate. It has confirmed that at this point in time, it is not involved in discussions with any particular party.

K Stanczak, CEO of Polbank EFG, said: “We have created, in a relatively short period of time, a very sizeable business with almost 800,000 customers. Following this successful expansion, it is now the right time for us to seek the incorporation of Polbank EFG with its own Polish banking license.

“We believe the prospects of Poland and its banking sector to be highly attractive and we are excited about the development potential of our organization.”

Eurobank EFG is a a European banking organization in Greece, listed on the Athens Stock Exchange (EUROB), offering all types of banking, asset management, insurance and other related services throughout Greece and in Central, Eastern and South-Eastern Europe, London and in Luxembourg, supervised on a consolidated basis by the Bank of Greece.