Alior Bank acquires Powszechna SKOK
16:20
Financial market regulator KNF approved the 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 preserving financial market's stability and full security of means gathered at the SKOK," KNF said in a statement.
At the end of March 2016, Powszechna SKOK had negative equity at PLN 15.1 million, negative capital adequacy ratio of 45.4 percent and incurred PLN 20.8 million loss. Client deposits amounted to PLN 42.1 million.
Recently in April, Alior acquired 87.2 stake in Bank BPH, becoming the 9th biggest Polish bank in terms of assets.
