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...

Locked content KNF suspends operations SKOK Nike credit union. Files for bankruptcy

Financial market regulator KNF suspended operations of credit union SKOK Nike 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 top of PLN 45.6 million in losses from previous years. No ba...

Locked content Raiffeisen asks to delay IPO. KNF denies

According to Bloomberg, the management of the Raiffeisen asked the Polish Financial Supervision Authority (KNF) to postpone the IPO after the end-June date set by KNF, citing uncertainty in the way the FX-denominated loans would be exchanged into PLN-denominated loans, as there are still several opt...

Locked content BGŻ BNP Paribas fails to meet KNF capital goals

WSE-listed BGŻ BNP Paribas saw consolidated Tier 1 ratio of 10.9 percent at the end of April, 0.11 percentage points below the target set by financial market regulator KNF, the bank said in a statement. Group’s TCR of 14.02 percent was 16 percentage points below the target. Standalone capital ...

Locked content KNF: Banking sector profit down in Q1

Poland’s banking sector recorded an aggregated net profit of PLN 2.84 billion in Q1, according to data from the Financial Supervision Authority (KNF), representing a 11.4 percent decline y/y. Net income from banking activity stood at PLN 14.74 billion and increased by 3.8 percent y/y. Banks’ net int...

Locked content KNF suspends Twoja SKOK and files for its bankruptcy

Poland’s financial market regulator KNF suspended operations of and filed for the bankruptcy of credit union Twoja SKOK which deposits amount to PLN 170.3 million. As of March 31, Twoja Skok had negative equity of PLN 52.6 million and PLN 2.7 million loss. Additionally, the credit union had PL...

Locked content PZU, PFR with KNF approval for Pekao takeover

Financial market watchdog KNF has approved the purchase of Pekao by PZU and PFR, which clears the last obstacle to finalize the transaction. The buyers want to finalize the deal in early June, just in time to qualify for the banks’ dividend, set at PLN 8.58 per share. Back in 2016, Polish insurer PZ...

Locked content Polish insurers with 25% increase in net profits in 2017 – KNF

According to the financial market regulator KNF data, Polish insurers will sport a 25.8 percent increase in net profits this year to PLN 5.25 billion. KNF made the calculations based on forecasts provided by insurers themselves. The property and casualty sector should grow by an impressive 324.94 pe...

Locked content NIK: Polish companies lost PLN 2.1 bln on forex market

According to data released by Poland’s Supreme Audit Office, between 2012-2016, Polish companies lost PLN 2.1 billion on the forex market. To prevent such losses in the future, NIK recommends banning advertisement of such companies and putting the currency exchange websites under the supervisi...