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Poland's Bank Zachodni to set up mortgage bank

Poland-based Bank Zachodni WBK SA said March 7 that it intends to set up a mortgage bank, BZ WBK Bank Hipoteczny SA, within its group structure.

The new bank will have a share capital of 22 million Polish zlotys and will have its registered office in Warsaw, Poland. Its functions will include specializing in handling mortgage home loans for retail customers, purchasing receivables arising from mortgage home loans and issuing mortgage-covered bonds.

Bank Zachodni said the new bank will provide it with a stable, long-term source of funding for its mortgage loans via mortgage-covered bonds, adding that it will improve the group's stability and security.

Establishment of the bank and commencement of its business operations are subject to approval from Bank Zachodni's supervisory board and the Polish Financial Supervision Authority, Komisja Nadzoru Finansowego.

As of March 7, US$1 was equivalent to 3.40 Polish zlotys.