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Migration is big business. In the United Kingdom, more than 420,000 workers from eight east European countries were approved to work in Britain in the past two years, official data showed last month. Many of those came from Poland. Over 260,000 workers from non-EU countries have also obtained work permits in the past two years, while an estimated 180,000 east Europeans have become self-employed in the UK.

According to Reuters News Agency, Britain’s biggest bank HSBC Holdings plans to ramp up its commercial banking business in Poland at the same time as attracting Polish immigrants in its home market with specially tailored accounts.

Alan Keir, HSBC’s global co-head of commercial banking, said Poland will be at the heart of expansion in central Europe and it plans to have business banking centres in eight Polish cities, from just one centre in Warsaw at present. The bank will target big regional Polish cities in the next 18 months, including centres in Wroclaw, Katowice and Poznan.

HSBC’s commercial banking provides credit, cash management and other services to companies ranging from a one-person start-up to a mid-cap sized firm. It operates in 16 European countries. It is keen to ease the process for companies to open more cross-border bank accounts so that they can pay in euros and dollars as easily as pounds.

The business is strongest in the UK, France and Turkey, and Keir told Reuters he saw good opportunities to tap into accelerating economic growth in Czech Republic, Slovakia and Russia in addition to Poland.

Expansion in Poland could also leverage moves by HSBC and other banks to attract the influx of Polish immigrants in Britain by making it easier for them to open accounts and transfer money.

HSBC have recently introduced the Passport account, aimed at immigrants coming to the UK. The Passport account offers basic bank products and discounts on international money transfers, but no overdraft facility and a small monthly fee. The account can be opened online before arriving and the bank said it had signed 2,500 customers. Although eastern Europeans are a major target group, the Passport account is targeting all recent immigrants in the UK, both from within and outside the EU.

Other banks are also targeting east European immigrants. Barclays said it had hired Polish speakers for some branches, mainly in west London, and held education events on UK banking products and how to buy a house.

Main source: Reuters