Alior Bank acquires credit union Powszechna SKOK
17:55
The financial market regulator KNF has approved Alior Bank's decision to take over ailing credit union Powszechna SKOK with deposits of PLN 42 million, the watchdog informed.
"Alior Bank's situation allows it to take over Powszechna SKOK in a way which can preserve the financial market's stability and full security of means gathered at the SKOK," the KNF said in a statement.
At the end of March 2016, Powszechna SKOK had negative equity of PLN 15.1 million, negative capital adequacy ratio of 45.4 percent and incurred a PLN 20.8 million loss. Client deposits amounted to PLN 42.1 million.
Recently in April, Alior acquired an 87.2 stake in Bank BPH, becoming the 9th biggest Polish bank in terms of assets.
