In Poland, Pekao Bank and KUKE signed an agreement aimed at implementing new insurance and guarantee products under the new export support system, thanks to which the Bank’s customers will not only be able to trade safely but will also receive additional instruments contributing to the development of their export activities.
Pekao Bank has been cooperating with KUKE since 2018, using insurance products to support Polish exporters both in the area of trade finance and export of domestic goods and services. The development of cooperation between the Bank and KUKE has resulted in Pekao’s use of a full range of insurance products available under the system of export insurance guaranteed by the State Treasury in recent years, thanks to which the Bank’s clients gained another opportunity to enter foreign markets by implementing numerous contracts of significant importance and value for the development of their businesses.
The purpose of the signed by Pekao and KUKE S.A. the agreement is to implement a new export support system, and thus to provide Polish entrepreneurs – the Bank’s clients with continued safe trade, both at home and abroad, and to provide them with new instruments, extending the range of financing opportunities for the development of their export activities. The implementation of the new export support system, adjusted to the needs of entrepreneurs and financing institutions, will enable Polish exporters to use instruments for financing current and investment activities, to which their competitors from the European Union countries do not have wide access so far.
„For many years, Pekao has been extremely intensively supporting its customers in foreign business activities. We enable them to use a wide portfolio of financial products and services, thus contributing to the development of the strength of Polish exports and strengthening the strength of the “Made in Poland” brand in the world. It has been an element of Bank Pekao’s business DNA since its inception. Strengthening cooperation with KUKE will certainly have a positive impact on the foreign activities of our clients, to whom we will be able to offer solutions that meet their needs even more fully” said Leszek Skiba, President of the Management Board at Pekao Bank.
„One of the pillars of our Bank’s business strategy is the commitment to the development of the Polish economy, including the international expansion of domestic enterprises. The agreement concluded between Pekao S.A. and KUKE is the next step towards achieving this goal. The memorandum that is signed will make our offer – apart from classic products for financing foreign Polish investment goods – also loans for financing domestic investments that generate exports, secured by KUKE with insurance guarantees or debt financing instruments for the purchase of foreign assets, benefiting from support in the form of an insurance policy. As part of financing the trading activity related to the implementation of export contracts, we will also be able to offer credit products financing the supply chain with security in the form of a guarantee” – emphasizes Jerzy Kwieciński, Vice President of Pekao Bank, supervising the Corporate Banking, Markets and Investment Banking Division.
Pekao Bank – for several months now – has been participating in the process of implementing the revised export support system, developing together with KUKE – through consultations – the conditions for the functioning of new product solutions.
Janusz Władyczak, President of the Management Board of KUKE, points out that the new solutions allow banks to significantly expand the scope of customer financing without incurring the greater risk, enabling their faster development.
„Through banks, Polish entrepreneurs gain opportunities that increase their competitive advantage in international markets, gaining access to higher and more attractive loans for expanding their export potential. All parties benefit from this, including the entire Polish economy, in a situation of significant uncertainty on the market caused by the ongoing pandemic, problems with ensuring the supply of components, or the price swing of raw materials and materials. Clients of Pekao S.A. thanks to the Bank’s cooperation with KUKE, receive a complete set of tools that will provide them with safe financing of commercial transactions, acquisitions in other markets, and investments in the country and abroad for years” added Janusz Władyczak.
Source: Bank’s Press Release from November 17, 2021