KNF: Raiffeisen must sell a part of Polbank portfolio or enter WSE

The Financial Supervision Authority (KNF) has approved Raiffeisen Polbank's declaration, which allows Raiffeisen to sell part of its Polish unit, without its Swiss franc-denominated loan portfolio, to a Warsaw-listed bank till the end of 2016, KNF informed. Moreover, the KNF has allowed Raiffeisen to conduct the earlier planned Initial Public Offering (IPO) of Raiffeisen Polbank in Warsaw until June 2017 (if it does not sell part of portfolio). In Q1 2016, Raiffeisen Polbank's net profits grew by 140 percent on an annual basis, reaching PLN 144 million. Raiffeisen Polbank has one of the biggest Swiss-franc loans portfolios. It has been operating in Poland since 1991.