Bank Pekao S.A. has been honored with the prestigious title of 'Bank of the Year in Poland', awarded by one of the most important publications in the financial industry – The Banker magazine, part of The Financial Times group. An international panel of experts recognized the bank's strategic approach to its operations, as well as its digitalization solutions, such as the Omnibank CRM.

Thanks to well-thought-out and responsible decisions, Bank Pekao S.A. has successfully navigated turbulent years marked by, among other things, the pandemic, inflation, and the armed conflict in a neighboring country. While supporting its clients – both retail and corporate – the bank simultaneously focused on continuous development in technology utilization, innovation, and broadly understood ESG. All of this contributed to receiving the 'Bank of the Year 2023 in Poland' title, awarded by The Banker magazine.

– The past 12 months have been characterized by high volatility and challenges that have affected the economy and the banking sector, including due to the war in Ukraine, inflation, and high interest rates. In such times, the ability to quickly adapt to changing conditions becomes crucial. For Bank Pekao, the priority was to maintain broadly understood security – entrusted deposits, a strong capital position, and adequate liquidity, which ultimately contributed to being recognized as the most resilient bank in the EBA stress tests – says Leszek Skiba, President of the Management Board of Bank Pekao S.A. – At the same time, during this difficult period, we focused on supporting our clients by modernizing processes and our product offering, particularly by expanding the functionalities of the PeoPay mobile banking. Our bank has once again proven its key role in the domestic market, achieving significant growth and maintaining a competitive position. This was possible thanks to focusing on the four main pillars of our strategy: Client, Growth, Efficiency, and Responsibility – he adds.

– Congratulations to Bank Pekao S.A. on winning the national Bank of the Year title – says Joy Macknight, Editor of The Banker. – The judges were impressed by the bank's ability to adapt quickly, maintain strong fundamentals, and support customers through a challenging period, operating in a highly competitive market. Furthermore, the bank is leveraging real-time data processing, advanced analytics, and cloud solutions to improve customer service quality – she adds. 

Bank Pekao S.A. is the second-largest universal bank in Poland. It has the second-largest branch network in the country, serving over 6.6 million customers. It is a leader in corporate banking in Poland and also holds a leading position in the private banking, asset management, and brokerage segments. The market-leading balance sheet, low risk costs, and strong capital ratios and resilience to macroeconomic conditions have earned Pekao the title of the most resilient bank in Europe in the EBA stress tests.

The bank is successfully implementing its strategy, including in the area of utilizing advanced data analytics and modern sales support tools to personalize offers and improve service quality. An example of such a solution is Omnibank CRM, which reacts to new information in fractions of a second, presenting personalized messages in the PeoPay application and the Pekao24 transaction service. All of this is achieved using one of the world's most advanced analytical tools embedded in a public cloud. The bank announces its continued development in new technologies.

– The upcoming year is the final period of implementing our 'Responsible Bank. Modern Banking' strategy, which is why we are focusing on current strategic projects related to digital transformation and improving service quality across all business segments. We also observe the growing role of AI in the economy and the new opportunities it creates in banking, which we want to leverage. In the coming year, we will be working on a new strategy that will align with prevailing trends – says Leszek Skiba, President of the Management Board of Bank Pekao S.A.

 'Bank of the Year' is a competition organized by the prestigious monthly The Banker, published since 1926 by The Financial Times Group. The magazine is a key source of knowledge about the international banking sector, including market data and analysis. Institutions participating in the competition were evaluated, among other things, on their ability to achieve good, repeatable financial results while simultaneously taking on challenges and introducing new solutions in a constantly changing business environment.

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KGHM will sell between 250,000 and 600,000 tons of copper to China Minmetals between 2024 and 2028. The commercial terms for each year will be specified on an ongoing basis in annual contracts concluded within the framework of this master agreement. The estimated value of the five-year agreement, based on quotations on the day of signing, ranges from $2.034 billion to $4.882 billion.

The agreement was concluded during another edition of the CIIE (China International Import Export) trade fair in Shanghai. The contract specifies the number of cathodes sold in individual years, quantity options, delivery bases, and other logistical and legal provisions. The currently valid framework agreement for 2019-2023 was signed with China Minmetals Nonferrous Metals Co., Ltd. in November 2018 during the first edition of the fair.

"Another master agreement with China Minmetals is the result of good cooperation and effective sales policy pursued by KGHM. The signed contract ensures us revenue stability for the next five years, guarantees a sales market, and provides geographical diversification, which is particularly important in the event of a potential economic downturn in the European market," said Tomasz Zdzikot, CEO of KGHM.

LONG-TERM COOPERATION

This year marks 26 years of commercial cooperation between KGHM Polska Miedź S.A. and partners from China. The first contract for copper supplies to this country was signed in 1998. Currently, the ongoing contracts are with China Minmetals Nonferrous Metals Co., Ltd., a part of the China Minmetals Group. Companies from the China Minmetals Group are the largest buyers of KGHM copper cathodes in the Chinese market.

"Signing the agreement for further copper supplies to China would not have been possible without a consistently implemented sales policy, excellent product quality, and trade relations built over years with partners from the Middle Kingdom," said Mirosław Kidoń, Vice President of the Management Board for Foreign Assets, Acting Vice President of the Management Board for Development.

In accordance with the concluded agreement, copper cathodes will be supplied to China Minmetals Nonferrous Metals Co., Ltd. These are KGHM's primary product, produced at the Głogów Copper Smelter and the Legnica Copper Smelter. They are characterized by very high quality, confirmed by certificates issued by the London Metal Exchange, the Shanghai Futures Exchange, and the Shanghai International Energy Exchange (INE). The quality is guaranteed by the brands: HML for the Legnica Smelter, HMG-S for the Głogów I Smelter, and HMG-B for the Głogów Smelter, under which they are registered on the London Metal Exchange in the 'A' grade.

TOP-TIER PRODUCTS AND SERVICES

KGHM's portfolio, in addition to copper cathodes, includes, among others, copper rolled products and oxygen-free copper wire, as well as precious metals (silver in granular and ingot form, gold in bar form), molybdenum, and rhenium.

KGHM's products and services meet the highest market standards, and raw material stability, responsiveness to customer needs, and efficient logistics allow us to strengthen our status as a preferred supplier.

The copper smelters belonging to KGHM produce metals responsibly and in accordance with the highest standards. The Głogów Copper Smelter, Legnica Copper Smelter, and Cedynia Copper Smelter hold the prestigious Copper Mark, which is a testament to responsible operations concerning the environment, employees, local communities, and corporate governance.

KGHM has also published the results of an environmental and carbon footprint analysis for its products: cathodes, rolled products, and OF-Cu wire. KGHM's copper products have a footprint lower than the global average.

SHANGHAI TRADE FAIR AND CHINA MINMETALS CORPORATION

The sixth edition of the CIIE (China International Import Export) trade fair concluded on November 10 in Shanghai. A total of 154 countries, regions, and international organizations confirmed their participation in the event, and the business exhibition brought together 289 of the world's top 500 companies and industry giants. CIIE once again included a business exhibition, a national exhibition, the Hongqiao International Economic Forum, a series of supporting activities, and cultural exchange events.

China Minmetals Corporation was founded in 1950. It is a manufacturing and trading group operating primarily in the metals, minerals, mining and metallurgy technology, and electrical products industries. It is also involved in fields such as finance, real estate, transportation, engineering and investment projects, making it one of the country's most important importers and exporters. The corporation is a wholly or partly owned shareholder in many ventures in 34 countries and regions worldwide, employing approximately 194,000 people.

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Why are conspiracy theories so popular? The versions of events they present diametrically differ from official explanations, which is incredibly interesting for many people. Fascinated audiences who believe in them feel they possess valuable and unique knowledge that is being withheld from the public.

Conspiracy theories have been with us for centuries. As early as the Middle Ages, people burned witches at the stake, convinced of their secret pacts with the devil. Over the centuries, countless stories about secret organizations ruling the world or the concealment of important events, such as UFO landings, have gained immense popularity. One of the more interesting theories of this type, which still has its followers, speaks of reptilians arriving from an alien planet, capable of assuming human form and infiltrating prominent people, politicians, and celebrities.

With the advent of the internet and social media, conspiracy theories have gained even more popularity. The internet facilitates the rapid spread of disinformation and reaching a broad audience, while anonymity encourages the creation and dissemination of new conspiracy theories. It is therefore not surprising that today the internet is teeming with them. For example, theories about the intentional emission of harmful radiation or the spraying of chemicals to control human minds are currently extremely popular.

Crisis situations, such as the COVID-19 pandemic or the war in Ukraine, have led to a veritable explosion of a huge number of conspiracy theories. One of the most popular claimed that chips were placed in vaccines to control vaccinated individuals. The war in Ukraine has also contributed to the creation of many conspiracy theories, which unfortunately often serve to fuel animosity towards refugees.

Although many people treat them as a joke, conspiracy theories can cause considerable harm. They lead to the spread of disinformation and fuel social divisions and unrest.

How can you recognize if a piece of information is based on a conspiracy theory? You can use a "cheat sheet" published by the European Commission – it lists six common elements of all conspiracy theories. These are:

• the existence of a secret plot,
• a group of conspirators,
• "evidence" to support the theory,
• a division of the world into good and evil,
• searching for "scapegoats,"
• nothing happens without a reason, and there are no coincidences; nothing is as it seems, and everything is interconnected.

As with any form of disinformation, in defense against conspiracy theories, critical thinking and source verification are crucial. Sometimes common sense is enough to recognize a lie, but if we have doubts, we should check who the author of the message is and whether other reliable sources report the same news and how they present it. It is also a good idea to analyze the tone and style of the statement (whether it is balanced and objective, or sensational and one-sided). In this way, we will minimize the risk of being deceived and check whether we are dealing with a conspiracy theory that we should not further disseminate.

You can read more about how to recognize disinformation in our article This Will Come in Handy: Golden Rules of Verification.