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Alior Bank to take over another Polish credit union

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Alior Bank to take over another Polish credit union

ThePolish Financial Supervision Authority said that will take over failingcredit and savings union SKOK Powszechna.

AliorBank will assume management over SKOK Powszechna as of April 27 and will takefull control of the credit union from June 1. The takeover will be carried outwith the financial support of the Polish Bank Guarantee Fund.

Atthe end of March, SKOK Powszechna had 23,600 members and 42.1 million Polishzlotys in client deposits, as well as negative equity of 15.1 million zlotysand negative capital adequacy ratio of 45.4%. The total value of the union'sassets constitutes 0.1% of Alior Bank's assets.

AliorBank recently took over financially troubled credit and savings , SKOK Wyszynskiego.

As of April 26, US$1 wasequivalent to 3.88 Polish zlotys.