State Street to operate in Poland
7 May 2008

Written by Sophie Baker

State Street Corporation has signed a lease for a new operations centre in Krakow, Poland.

The leading provider of financial services to institutional investors will place up to 1,000 employees in the new 125,000 square foot building, which is scheduled for completion in June 2009.

To mark the occasion of State Street’s entry into Poland, a lease signing ceremony was held on 7 May in the presence of the Mayor of Krakow.

State Street currently has more than 150 employees in Poland who provide support for the company’s fund accounting business in continental Europe. It employs more than 27,000 people worldwide, and more that 6,000 of these are based in Europe. In 2007, 41 per cent of the company’s revenue was generated from non-US operations, and State Street aims to increase this revenue to 50 per cent.

Tim Caverly, executive vice president of State Street’s investor services business in continental Europe, presided over the event, and sees Poland as a key component in State Street’s growth in Europe.

“Krakow provides access to a highly educated workforce and deep labour pool of talent. Our State Street employees here have already become an integral part of our business activities.

“Krakow is an attractive place to develop our business. It is a city that graduates 25,000 students a year, many of whom have the broad range of language and technical skills that we’re looking for. Krakow also has the second largest airport in Poland making it easily accessible to the rest of Europe.”

By establishing this operations centre, State Street believes it will expand its capabilities and further advance business growth opportunities in Ireland, Luxembourg, Germany and across Europe.

Eli Alroy, chairman of supervisory board Globe Trade Centre S.A. (GTC), said: “We are impressed by the scale and speed of State Street operations in Poland, and welcome such a renowned tenant in our office building.”