A new player on the Polish banking scene

Polish consumers will now have a greater choice when it comes to finding a banking services provider. A new bank is going to launch its operations in Poland. It is Inbank from Estonia.

The bank was created in 2015 by Estonian professionals with much experience in the banking sector, Priit Põldoja and Jan Andresoo, and is currently present in several European countries. Apart from Estonia, it operates in Latvia, Germany and Austria. Polish branch of Inbank will open in the first quarter of 2017.

The financial institution plans to attract clients with good deposit rates and loan terms. The bank wants to be innovative and strongly highlights its links with the fintech industry. It wants to concentrate on the areas of deposits and consumer financing. The consumer financing market in Poland is estimated at around 35 billion euro.

Even though entities in Poland need to obtain a licence from Polish Financial Supervisory Authority to provide banking services, AS Inbank was only obliged to notify the supervisor about the intention to start operating in Poland, as it already has a licence from Estonian financial authorities. Pursuant to the EU regulations, a financial entity may operate in any EU member state based on the authorisation it already has.

Polish Financial Supervisory Authority got acquainted with the notification from the Estonian bank and obliged the financial entity to clearly notify its clients that the bank is a branch of a foreign financial institution operating in the territory of Poland.

Inbank falls under the supervision of Estonian authorities and will not be controlled by Polish Financial Supervisory Authority. Assets will not be guaranteed by Polish Bank Guarantee Fund, but by applicable provisions of the law of Estonia. The bank will have to include this information in all its marketing materials and advertising campaigns.

This is not the end of changes in the Polish banking sector. There are talks of MUFG Bank Europe launching its operations in the country as well.

Implications for Banking and Business

Developments in the Polish banking sector affect businesses operating in the country in several ways. Access to corporate banking services, credit availability, deposit rates, and payment infrastructure are all critical factors for companies — whether established Polish firms or foreign-owned entities entering the market.

For foreign entrepreneurs setting up operations in Poland, choosing the right banking partner is a strategic decision. Major Polish banks including mBank, ING Bank Śląski, Bank Millennium, PKO BP, and Santander Poland offer varying levels of service for international clients, including English-language online banking, multicurrency accounts, and dedicated relationship managers for corporate clients.

The Polish banking market is well-regulated by the KNF (Financial Supervision Authority) and participates in the EU deposit guarantee scheme (BFG — Bank Guarantee Fund), providing deposit protection up to EUR 100,000 per depositor per institution. This regulatory framework provides stability and confidence for businesses maintaining corporate funds in Polish banks.

If you are doing business in Poland or considering entering the Polish market, Zalewski Consulting can help. Learn more about our VAT and tax advisory, or contact us for a free consultation.