Raiffeisen Polbank to establish mortgage bank

Polish unit of Raiffeisen Bank International applied to the financial watchdog KNF for approval to establish a mortgage bank within its capital group, the lender reported.  "In order to develop the mortgage business, Raiffeisen Polbank decided to establish a mortgage bank, because according to Polish law only such entities are able to issue long term mortgage bonds," the press release reads. Previously, the lender informed that it intends to provide mortgages valued at PLN 100 million at the end of the year, regardless whether the bank will launch or not.