Poland’s key financial market, the Warsaw Stock Exchange (WSE), today announced a cooperation agreement with Haitong Bank, a firm owned by a leading Chinese securities broker in Asia, according to an official statement.
In addition, WSE inked a similar agreement with a Chinese financial markets regulatory agency as delegates from China arrived in Warsaw.
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Synergy with leading Chinese firm
WSE's agreement with Haitong Bank is a basis for both parties to engage in a mutual exchange of information related to capital markets across both Poland and China where the firms operate respectively as financial market operator and market participant.
The official visit to Poland by Xi Jinping, the President of the Republic of China, not only confirms this, but also shows our country has a chance to become involved in global processes.
Bartłomiej Dmitruk
Source: LinkedIn
“The Haitong ownership is significant on the Polish market because of the owner’s brokerage experience from China stock exchange markets and a strong capitalization of the Group," said Bartłomiej Dmitruk, Senior Country Officer of Haitong Bank in Poland.
Mr. Dmitruk added: "Initiatives such as the agreement signed today, prove Haitong fills an important niche in investment banking services, building a Bridge between Chinese and CEE markets.”
Chinese Securities Association in HK
A number of state officials from Beijing had visited Warsaw along with the President of the People's Republic of China, Xi Jinping, scheduled between June 19th-20th. WSE said it signed a similar agreement with the Chinese Securities Association in Hong Kong (CSAHK), as the Chinese delegates visited Poland.
Commenting in a statement regarding the agreement, José Maria Ricciardi, CEO of Haitong Bank S.A., explained: “We are very pleased with the opportunity to establish closer cooperation with the largest stock exchange in Central and Eastern Europe. We believe together we can create an efficient platform for the exchange of information on financial markets, strengthen the relationship and cooperate in selected areas.”
In our part of Europe, we are the largest country with the highest population; with this potential, Chinese companies and investors can achieve greater benefits in Poland than in any other European country.
WSE CEO Signs Deal
Inking the agreement was Małgorzata Zaleska, CEO of the Warsaw Stock Exchange. She said in a statement regarding the deal: "China is looking for a safe haven in our part of Europe, where it can allocate a part of its huge assets. In the dynamically changing international balance of powers, Warsaw is the natural choice for Beijing. The official visit to Poland by Xi Jinping, the President of the Republic of China, not only confirms this, but also shows our country has a chance to become involved in global processes.”
“As the only country in the EU, not only did we avoid a recession, but actually reported growth. The Polish economy is based on strong foundations and is free of macroeconomic imbalances. In our part of Europe, we are the largest country with the highest population; with this potential, Chinese companies and investors can achieve greater benefits in Poland than in any other European country."
RMB future focus
Mrs. Zaleska added in a statement regarding the deal: “China is still one of the fastest growing economies in the world and a place where financial centres of global importance are developing dynamically. The aim of the agreement with Haitong Bank is to initiate a closer, mutually beneficial relationship. Its effect, in addition to a better understanding of existing situations on the markets in which we operate, will be a deepened relationship with key stakeholders not only in the People’s Republic of China, but also in entire Asia.”
The purpose of the visit was described as introducing Chinese financial institutions and investors to the capital markets in Poland, and for the potential for future financial products in Poland to be denominated in the renminbi, as China's currency is set to become further integrated as a globalized currency.
