Polish bank, fund team up to invest in cloud computing

Poland’s state-owned PKO BP bank and PFR investment vehicle on Tuesday agreed to establish a joint-venture technology company to operate a national cloud computing system, a news agency reported.

The project, slated for launch next year, aims to enable Poland’s companies and public administration to access top-quality IT infrastructure services at competitive prices, executives told a news conference after signing a letter of intent.

The initiative is designed to ensure safe storage and remote processing of data, public broadcaster Polish Radio’s IAR news agency reported.

It cited PKO BP CEO Zbigniew Jagiełło as saying that the project would help spur technological development in not only the banking sector, but the Polish economy as a whole.

“If it is a commercial success, the company will in the future be listed on the Warsaw Stock Exchange," Jagiełło said, as quoted by the IAR news agency.

The CEO of the Polish Development Fund (PFR) investment vehicle, Paweł Borys, meanwhile, said the project was particularly important to small and medium-sized enterprises in Poland.

Companies across the country are expected to spend some PLN 24 billion on cloud computing services over the next five years, according to estimates cited by Poland's PAP news agency.

At the moment, about 10 percent of Poland's businesses use cloud computing technology, compared with 60-70 percent in Scandinavian countries, for example, according to the IAR news agency.



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