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 ...

Locked content KNF: insurers with PLN 1.02 bln Q1 profit

Net profit of insurers operating on the Polish market increased to PLN 1.02 billion in Q1 compared to PLN 611.59 million a year earlier. Gross written premiums amounted to PLN 15.95 billion compared to PLN 13.47 billion a year earlier, the Financial Supervision Authority (KNF) reported. Insurance co...

Locked content KNF signs an agreement with Chinese peer

Poland’s Financial Supervision Authority (KNF) and the China Banking Regulatory Commission (CBRC) signed a memorandum of understanding on cooperation between the two institutions. “The current agreement is an update of the agreement signed in 2005. The main goal of the changes is to take into ...

Locked content Raiffeisen suspends works on IPO prospectus

Polish Financial Supervision Authority (KNF) suspended works on the IPO prospectus of Raiffeisen Bank Polska, after the lender filed a motion to do so. The bank remains under a commitment to float 15 percent of its shares on the Warsaw Stock Exchange by June 30, 2017, KNF said. RBI submitted an issu...