Locked content KNF orders FM Bank sale by April 30

The Polish Financial Supervision Authority (KNF) has ordered PL Holdings to sell its stake in FM Bank PBP no later than April 30, 2015, the watchdog said in an announcement on Tuesday. The decision stems from the fact that PL Holdings and Abris Capital failed to carry out their earlier obligations t...

Locked content KNF unlikely to approve BPH sale

It is highly unlikely that the Polish Financial Supervision Authority (KNF) will approve the sale of Bank BPH by GE to any bank operating in Poland, the watchdog’s vice-president Wojciech Kwaśniak told Reuters in an interview. Soon after the announcement by GE that it could sell the Polish bank, KNF...

Locked content KNF warns of cyber-attacks

The Polish Financial Supervision Authority (KNF) has issued a warning for the financial sector against cyber-attacks. The watchdog said it had received information from the Governmental Computer Security Incident Response Team about possible future attacks of this kind. The KNF has recommended finan...

Locked content KNF wants forex to become safer

The Polish Financial Supervision Authority (KNF) wants to introduce regulations that would make investing on the forex market safer, daily Parkiet reports. The watchdog is suggesting that fx transactions should be secured with a deposit worth 2 percent of their value. The proposal has been sent to t...

Locked content KNF has credit unions under microscope

Cooperative credit unions SKOKs are under scrutiny by the Financial Supervision Authority (KNF). A report by the Authority claimed that SKOKs have foreign subsidiaries used to transfer money abroad. According to Bankier.pl, PLN 83 million supposedly have been transfered to SKOK Holding in Luxembourg...

Locked content UOKiK warns financial firm regarding unfair practices

Consumers were shortchanged by Gdańsk firm OK Money. The company charged exorbitant fees and did not provide contracts in writing to customers. Since UOKiK (the Polish Office of Competition and Consumer Protection) intervened, the company agreed to change its policies. OK Money provides loans via th...

Locked content FX market proves risky

The Polish Financial Supervision Authority (KNF) published a report that examined Polish brokerage offices which offered online foreign exchange investment services. It turns out that 81 percent of forex investors recorded losses. Only, nineteen percent recorded a profit. The same loss – profi...

Banking sector stable – KNF

According to Polish Financial Supervision Authority (KNF), local banking sector is in “good and stable situation,” although some of the lenders need to strengthen their capital base, KNF wrote in its review of the banking sector performance in H1 2014.

Locked content KNF fines State Treasury

The Polish Financial Supervision Authority (KNF) has decided to impose a PLN 20,000 fine on the State Treasury, the watchdog said in an announcement on Tuesday. The KNF said that in August 2010, the State Treasury failed to notify the watchdog on time about a change it its holding of shares in power...

Locked content Polwax IPO prospectus approved

The Polish Financial Supervision Authority (KNF) has approved the prospectus of Polwax, a paraffin and wax producer, the watchdog said on Monday. Polwax will now be allowed to issue shares on the Warsaw Stock Exchange. The B and C shares will subsequently be introduced into the regulated market. Sto...