Nordea Bank Praised by Developers

2011-05-16

Nordea Bank Polska has come first in the category of “Speed of decision-making regarding credit applications” in the 7th Ranking of Banks Funding Housing Development Projects by the Polish Association of Developers.

It was the seventh time that the developers belonging to the Polish Association of Developers have evaluated banks on their funding of housing projects. Apart from the main category, this year, banks competed in six different categories:
•    Speed of decision-making in regard to credit applications;
•    Consistency of initial declarations with the actual procedures;
•    Flexibility and partner-like approach to borrowers;
•    The terms and conditions of the actual loan agreement;
•    Cooperation during the development project;
•    An attractive presale percentage required by the bank before it provides funding.
Nordea Bank Polska came first in the category „Speed of decision-making in regard to credit applications”. The Bank received a score of 13 out of 20 possible points and overtook such banks as Millennium, BZ WBK, Pekao SA and PKO BP. Moreover, Nordea was one of the runners-up in the category „Flexibility and partner-like approach to borrowers”. Like PKO BP and BRE Bank, Nordea scored 14 points here.
In the main category, Nordea Bank took the 6th position, receiving 61% of total points. The leader – Bank Millennium – was 9 percentage points better (70%), but Nordea was just 2 percentage points away from the podium - BRE Bank, which was ranked third, achieved 63% of total possible points.
The ranking list was compiled on the basis of the responses given by 45 developer companies in 85 questionnaires. This year as many as 20 banks were evaluated, which is a record number showing that more and more financial institutions are interested in the development market. According to the rules of the ranking, only the banks which got at least five individual rates were taken into account.
The Polish Association of Developers emphasised that developers rated banks higher in every category than last year, which means that relations between developers and banks have improved considerably.
Nordea’s high position in this year’s ranking vindicates the soundness of the strategy of comprehensive business relations with developers pursued by the bank for years. In 2006 and 2007 Nordea was at the top of the ranking list by the Polish Association of Developers and last year it came second.