Polish bank backs women's strike, records notable slump

Polish mBank has supported the protests in Poland against the ruling of the Constitutional Court on tightening the abortion law in a Twitter post, which caused a massive slump in its share prices.

On Wednesday, posts with photos showing faces of various people and a symbol of the strike - the lightning, appeared on the mBank's social media accounts with a short statement: “we support you”.

The bank’s activity triggered lively discussion, with many people supporting the initiative and many others calling for boycott and closure of accounts in mBank.

Meanwhile, the bank's share price started to drop since then, and on Thursday morning it fell below PLN 123, which is its worst result in many years. For comparison, at its peak - in January 2018 - mBank’s share price was valued at PLN 530, whereas in February 2020 it amounted to slightly above PLN 390.

It is possible however, that mBank may have started a broader trend of support for the women's strike from other companies and recognisable brands. Posts supporting people who took to the streets after the court’s controversial ruling appeared on the fanpages of the popular countrywide brands like Bobby Burger, Green Cafe Nero, Netguru or Off Festival.

According to Rafał Hirsch from Business Insider, more actions similar to the mBank initiative can be expected from other companies that care about being apolitical. Given the current situation, silence could be perceived by customers as a sign of support for the ruling party, which may result in the clients’ outflow, especially the young ones.

Protests against the tightening of the abortion law have been ongoing all over Poland since October 22, amassing tens of thousands of protesters demanding more liberal provisions with regard to the conditions of terminating a pregnancy. Numerous churches, landmark buildings and memorials across Poland have been vandalised in the aftermath of the manifestations.