Poland Taps Former BRE Bank CEO to Head State Investment Fund

By Marynia Kruk

WARSAW--The supervisory board of Poland's newly created state-run infrastructure investment fund has named Mariusz Grendowicz, a former chief executive of BRE Bank SA (BRE.WA), as chief executive, the Treasury Ministry said in a statement Thursday.

Board members chose Mr. Grendowicz to head the new private-equity style investment vehicle, called Polskie Inwestycje Rozwojowe SA, due to his extensive experience in the banking sector, the ministry said.

Poland's government created PIR, which will sell shares in Polish blue-chip companies to fund equity investments in greenfield infrastructure projects, to combat a slowing of the country's economy without denting the budget.

PIR will receive grants of shares from the treasury, which holds about 100 billion zlotys ($31 billion) in assets, mainly stakes in various Polish companies.

PIR intends to follow the business model of institutions like the European Bank for Reconstruction and Development and Germany's KfW, which invest in projects alongside private-sector partners.

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