KNF and NBP need to merge – Central Bank head

Poland’s Central Bank (NBP) President Adam Glapiński said in Sejm, that it is necessary to merge the central bank with the Financial Supervision Authority (KNF) in order to create one macro-prudential supervisory body. “Micro-prudential supervision is of particular importance, as the effective funct...

Locked content KNF approves Raiffeisen Bank Polska IPO suspension

The Polish financial regulator KNF approved an annex to issue prospectus suspending the IPO of Raiffeisen Bank Polska. No new dates regarding the IPO timeline were given, however, KNF previously said that “it would take all necessary steps to assure shares are listed on the WSE as soon as possible.”...

Locked content FinMin wants to increase KNF supervision over online financial market

The Financial Ministry wants to increase the Financial Supervision Authority (KNF) control over the financial products offered online, such as Forex trading, according to a new draft bill. According to the ministry, the new law would help “prevent fraud on the financial market by unauthorized entiti...

Locked content KNF: Banking sector down 2.15% at end-May

Poland’s banking sector recorded an aggregated net profit of PLN 5.17 billion at end-May, according to data from the Financial Supervision Authority (KNF), representing a 2.15 percent decline y/y. Net income from banking activity stood at PLN 24.89 billion and increased by 4.8 percent y/y. Banks’ ne...

Locked content KNF ‘concerned’ about Raiffeisen suspending its IPO

The Financial Supervision Authority (KNF) is concerned that the Raiffeisen has suspended works on its IPO due to insufficient interest from investors. “KNF will take necessary steps to ensure that bank shares are floated on the Warsaw stock exchange with free float at 15 percent or higher,” it said,...

Locked content SKOK Nike declared bankrupt

SKOK Nike credit union was declared bankrupt, Financial Supervision Authority (KNF) said. KNF suspended operations of SKOK Nike on June 2 and filed for its bankruptcy. At end-March the union had PLN 24.1 million in negative equity, and PLN 124 million in deposits. It had PLN 1.54 million losses on t...

Locked content KNF approves IPO prospectus of Raiffeisen Bank Polska

Raiffeisen Bank Polska has secured the Financial Supervision Authority (KNF) approval of its IPO prospectus. Works on the prospectus were suspended earlier this month by the bank, but when KNF denied its motion to delay the IPO, the works were resumed, and the documents were filed on June 19. The ba...

Locked content KNF to suspend B3System trading indefinitely

The Financial Supervision Authority (KNF) has filed a motion to suspend the trading on the WSE of the IT company B3System indefinitely. According to KNF, B3System has filed incomplete information in its financial reports “regarding transfer transactions from the main company to its subsidiary, and a...

Locked content Twoja SKOK credit union declared bankrupt

Credit union Twoja SKOK was declared bankrupt by a district court, the Financial Supervision Authority (KNF) said on its website. KNF suspended operations of Twoja SKOK mid-May and filed for its bankruptcy. At end-March, Twoja SKOK had negative equity of PLN 52.6 million and had over PLN 79 million ...

Locked content KNF denies second motion to postpone Raiffeisen IPO

Financial market regulator KNF dismissed the second Raiffeisen Polbank’s motion to delay its obligation to float the lender on the Warsaw Stock Exchange by end-June this year. “RBI is obliged to carry out the IPO of Raiffeisen Bank Polska by the deadline of June 30, 2017, KNF said. The motion ...