PKO Bank Polski begins direct settlements of transactions in Singapore Dollars and South African Rand
- PKO Bank Polski introduces a direct payment service in Singapore Dollar and South African Rand.
- This is of an immense help to businesses operating in these markets.
- Currently, PKO Bank Polski offers direct settlement in twenty-three currencies and enables settlement in all important regions of the world for Polish companies.
The Singapore Dollar (SGD) and South African Rand (ZAR) have joined the currencies in which PKO Bank Polski conducts non-cash settlements, increasing the number of currencies in the bank's exchange rate table to twenty-three.Customers of PKO Bank Polski can make payments in the new currencies both via electronic channels and in the Bank’s branches.
This greatly facilitates settlements in foreign trade
“Making direct payments in SGD and ZAR is another step in the bank's strategy aimed at supporting the expansion of Polish companies in international markets, including remote regions such as Asia, Africa and the Persian Gulf. Although some banks offer these currencies in their exchange rate tables, we are the only bank in Poland that directly settles payments with partners in Singapore and one of only a few that offers direct settlement with South Africa,” stresses Radosław Ptaszek, director of the International and Institutional Banking Department at PKO Bank Polski.
The establishment of direct relations with foreign financial institutions by PKO Bank Polski means that it is no longer necessary for intermediary banks to participate in the currency exchange process. As a result, the cost of foreign currency transfers paid by customers is lower, and transactions are made faster. Both individual and corporate customers can make payments in the new currencies.
Support for companies in foreign expansion
Many of PKO Bank Polski’s customers are companies already operating on world markets or companies that are seeking to development their foreign business. The Bank is consistently implementing a strategy of supporting the expansion of companies. An element of this was the launch in Frankfurt in 2015 of a corporate branch aimed at servicing Polish companies operating beyond Poland’s western border. Another branch of PKO Bank Polski was launched in April 2017 in the Czech Republic. PKO’s German and Czech branches offer a full range of services and products for corporate clients, including: transactional banking (including international cash pooling), electronic banking, treasury products, trade finance and corporate loans.
The bank is also present in Ukraine through Kredobank, a member of the PKO BP capital group, and in Sweden, where PKO Leasing Sverige has been operating since 2013. In parallel with its increasing physical presence on foreign markets, the financing of international trade in distant markets is also being developed. The bank, as the leader of correspondent banking in Poland, cooperates with correspondent banks in every important region of the world.
At present, PKO Bank Polski cooperates with more than 1300 banks, operating in all countries that are important for Polish customers, offering international settlements in twenty-three currencies. The development of international banking competence enables PKO Bank Polski’s customers not only to benefit in economic sense but, above all, it strengthens their sense of proximity of a competent partner always ready to provide them with support wherever they operate.