impressive, as is your list of clients.”
“We’re a small boutique firm, but we have a very special clientele. We provide wealth management and investment services. We’re always looking for new and interesting opportunities.”
“A very wise decision to come here. Poland is rapidly becoming an economic powerhouse. Certainly, the most important economy in Central Europe. In fact, just last week the FTSE announced we are the first Soviet-bloc country to achieve ‘developed’ status.”
Jack nodded. “Believe me, our firm is very impressed with your country’s commitment to free-market reforms. We’re also impressed with the fact you’re part of the European Union and yet you avoided the Maastricht Treaty and kept your own currency rather than adopting the euro.”
“Keeping our own currency means we control our own monetary destiny, avoiding the struggles that economies like Italy now face. But being part of the EU grants us access to the world’s largest trading zone. Poland is the place to be, and Warsaw is the heart of Poland. So, how can OstBank be of service to you?”
“We certainly need local expertise and guidance, and your bank’s reputation is stellar. You have the kinds of relationships we seek, and we’re hoping you can help make introductions for us.”
“Thank you for the kind words. Banking is all about relationships. I hope that ours will be long and profitable. So, what is it I can do for you today?”
Jack opened his folio and removed a notarized letter with Hendley Associates letterhead authorizing Jack Ryan, Jr., to wire-transfer $10 million into any bank account of his choosing. He set it on Zbyszko’s desk. He then pulled out a black ballpoint pen from his pocket, clicked it, and prepared to take notes on the pad inside his folio.
“If you’ll notice, that ten million dollars is the first of three tranches I’m authorized to invest over the next twelve months.”
The manager read the letter casually, registering no response.
The best damn poker face Jack had ever seen.
“If I were to deposit a ten-million-dollar check in your bank today, Mr. Zbyszko, how would you recommend I invest it?”
Zbyszko set the letter down on his immaculately clean desk. “I can think of several opportunities, Mr. Ryan. Of course, that all depends upon your appetite for risk, as well as for reward.”
“No risk, no reward, right?” Jack smiled. “However, we take the safety of our clients’ money very seriously. The least amount of risk possible with a reasonable rate of return is our standard.”
“Quite admirable. We are similarly conservative in our approach to our clients’ assets. At the moment, real estate is an excellent investment opportunity here in Warsaw. Office rents per square meter have increased six percent year over year, and residential rates approximately nine percent. As I’m sure you’ve seen, construction is booming here in the capital. Besides the favorable foreign investment climate, we have over a million Ukrainian refugees in Poland, most of them in and around Warsaw. The housing shortage is a problem—and a great opportunity.”
“Interesting. I was led to understand that Poland was hostile to immigrants.”
“EU propaganda. In Poland, we believe that a man should not eat if he does not work. Far too many so-called refugees showed up in Poland only to find our welfare payments were too small. Most of them picked up and moved on to Germany, where the benefits are more generous and the work requirements quite relaxed, if nonexistent.
“Besides the fact that Ukrainians are fellow Slavs and our languages are similar, they have proven themselves to be eager workers—better workers than many Poles, as it turns out. So you see, Poland welcomes anybody who wants to integrate into our society, speak our language, and work instead of collecting government benefits.”
Must have touched a sore spot, Jack thought. Changing the subject, he said, “Real estate is a definite possibility,” jotting the note down. “We also like construction.”
“There are many construction possibilities in residential and commercial real estate, but also in manufacturing and both public and private infrastructure. Take your pick.”
“And then there’s the risk.”
“Not much risk in this booming economy.” Zbyszko smiled.
“Still, there’s always some risk. And we have found that one way to mitigate risk is to partner with other companies. We find that investing, like banking, is all about long-term relationships.”
Zbyszko stole another glance at the letter on his desk. The American dollar was extraordinarily strong against the Polish zloty these days.
“Our legal team can help you with partnership contracts, and we have a department that specializes in mergers and acquisitions.”
“Perfect. There is, in