KNF watchdog orders Bank BPH recovery plan

Commercial lender BPH informed in its latest report that it had received a recommendation from the financial watchdog KNF to prepare a recovery program. The program is to be valid until the end of 2017. The aim of such programs is to align business activities of the bank to its capital capabilities and the state's economic situation. This should be done through reducing costs, improving the quality of risk management, introducing prudent lending policies and increasing the bank's capital. At the end of last year, as many as eight commercial banks, 31 cooperative banks and 42 credit unions were undergoing a recovery plan.