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Polish Investments appoints CEO

11th March 2013

An experienced banker will lead the investment vehicle

Mariusz Grendowicz previously headed BRE Bank from 2008-2010
Courtesy of BRE Bank

Poland’s state-owned investment vehicle, Polskie Inwestycje Rozwojowe (Polish Development Investments, PIR), which is to manage the recently announced Polish Investments program, finally has a CEO. The company’s supervisory board has appointed Mariusz Grendowicz, the former chief executive of BRE Bank, to the post.

The Treasury Ministry had earlier stated that it would look for a banker with investment experience to head the vehicle. A competition was announced in January and 14 candidates applied.

Mr Grendowicz was recently a management board member at Bank BPH and a supervisory board member in companies from the Aviva insurance group. In 2008-2010, he headed Commerzbank’s subsidiary BRE Bank.

PIR plans to take up shares in investments that it will be involved in along with other strategic investors. The value of investments will amount to between zł.50 million and 750 million, and will be short term, meaning that the Treasury wants to withdraw from the investments as soon as they have been completed.

The sectors in which the vehicle wants to be involved include energy (production and distribution), gas and shale gas (storage, extraction), transport, industrial and telecommunications, as well as local government projects.

PIR will be one of the pillars of the Polish Investments program. Another one will be state-owned bank BGK. They will provide about zł.10 billion each to manage the program. Bank BGK will guarantee loans for potential investments.

The government plans to list PIR on the Warsaw Stock Exchange within a few years.

KW, JC

From Warsaw Business Journal

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