ING secures KNF approval to set up mortgage unit

The Financial Supervision Authority KNF approved the ING Bank Ślaski motion to set up a mortgage bank. The decision was unanimous with KNF approving the new unit’s management board as well. Mirosław Boda was appointed its CEO. In accordance with the approved bank statute, the subject of activity of ING Bank Hipoteczny includes: purchase of receivables of other banks for mortgage-backed loans granted by them, issuing mortgage covered bonds, taking loans and credits, issuing bonds, storing securities, acquiring and subscribing for shares or other shares entities whose legal form ensures limitation of the bank's liability to the amount invested, if it serves the purpose of performing the Bank's activities as a mortgage bank, while the total value of acquired and acquired shares can not exceed 10 percent of the lender's own funds. The business objects may also include consultancy and advisory services related to the real estate market, including mortgage lending and the management of receivables of the bank and other lenders for mortgage-backed loans.