March 7, 2013 / 2:16 PM / 5 years ago

Poland picks former bank CEO to head investment vehicle

WARSAW, March 7 (Reuters) - Poland appointed the former chief executive of Commerzbank’s Polish arm on Thursday to head the country’s new investment vehicle designed to boost the economy by funding large infrastructure projects.

Poland’s treasury ministry said the supervisory board of the Polish Development Investments (PIR) fund that is to manage 40 billion zlotys, chose Mariusz Grendowicz because of his experience in making investment decisions and ability to structure deals.

Grendowicz headed Commerzbank’s BRE Bank between 2008 and 2010 and previously served as an executive at various banks, including ABN AMRO and BPH Bank.

Poland wants PIR to hold stakes in various planned infrastructure projects which it hopes will continue to fuel the economy without weighing on the country’s budget. The vehicle will receive funds from privatised assets and its debt will not count towards the government deficit.

Various EU-funded projects, including new motorways, have helped Poland to remain the only European Union member to avoid a recession in recent years. (Reporting by Dagmara Leszkowicz; editing by Stephen Nisbet)

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