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PKO’s headache

Poland’s largest bank, the state-owned PKO, is operating without a head while the ruling party searches for a ‘suitable’ CEO. Jan Cienski reports from Warsaw.
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There is an increasingly fierce war being waged for Polish banking customers – small and medium-sized banks are battling for the booming mortgage market while banks ranging from Greece’s Polbank EFG to US-based Citi are planning rapid expansion – but the country’s largest bank has been without a general for 10 months.

PKO BP, which has about 20% of the banking market, has been leaderless for political reasons – it is 51.5% owned by the state, and the government wants the new chief executives to be a politically safe pair of hands.

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