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Polish regulator gives cooperative lenders green light to set up umbrella bank

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Polish regulator gives cooperative lenders green light to set up umbrella bank

The Polish Financial Supervision Authority approved a request from 56 local cooperative banks to set up Polski Bank Apeksowy SA to serve as an umbrella institution for the lenders.

Polski Bank Apeksowy will provide services only to its associated cooperative banks, including financial and legal support. The bank will not have any branches and will not offer commercial services or attract deposits from individuals.

The FSA also said in its Nov. 21 announcement that it approved the new bank's management board with Anna Zwierzchowska as president.