The Polish authorities have long taken a bold approach to restructuring the banking sector – a major national liability in the early 1990s with most (former state) banks brim full of abysmal, underperforming loans to abysmal, underperforming corporates.
Foreign banks seeking a presence were told to take over these banks one-by-one to gain a local banking licence. The great Polish banking sell-off, which started in 1994, has continued apace ever since. But what seemed to be an endless stream of opportunities has in the past few months dried up.
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