Poland Banking & Financial Services Q1 2020
Supported by a resilient economy we hold a positive view on Poland's banking and financial services market across ourforecast period, although the headwinds facing the sector have increased since our last update. In the banking market, our forecastsfor both asset and client loan growth are now more modest, however, with the weight of the ECJ's ruling on FX-denominatedmortgages set to weigh on profits. In the insurance market, we now see the larger non-life market growing at a faster averageannual rate than the smaller life market through our forecast period to 2028. The expectation that the NBP will hold its key policyrate at its current 1.50% will come as good news for the growing asset management industry, however. While the local WSE boursecontinues to struggle to attract new listings against the backdrop of the bear market sentiment in the local equities arena atpresent.
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