Abris to sue Poland for forced sale of bank

Abris Capital Partners are in the process of suing Poland for PLN 2 billion. The fund claims that it will incur losses after the Polish Financial Supervision Authority (KNF) forced it to sell lender FM Bank PBP. The regulator order the sale of the bank after deciding that Abris did not meet their obligations as an investor. Reuters wrote that the suit has been lodged with the Arbitration Institute of the Stockholm Chamber of Commerce. KNF reserves the right to approve CEO appointments, and this was the main point of contention between Abris and the regulator. FM Bank PBP has a book value of PLN 300 million. According to Reuters, Hungarian lender OTP, as well as Alior Bank and BOS Bank, and private equity firm AnaCap Financial have submitted offers to buy FM Bank PBP.