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BGŻ BNP Paribas takes over Polish credit union SKOK Rafineria

Bank BGZ BNP Paribas SA obtained the consent of the Polish Financial Supervision Authority to take over financially troubled credit and savings union SKOK Rafineria, BNP Paribas SA's Polish unit said May 18.

The restructuring process of the credit union will be supported by the Polish Bank Guarantee Fund. The official takeover of SKOK Rafineria by BGZ BNP Paribas will take place May 30.

Operating under receivership since June 2017, SKOK Rafineria employs 84 people at its headquarters and 19 branches. At the end of March, the company's assets stood at 74.9 million Polish zlotys, while its net loss accumulated from previous years amounted to 76.3 million zlotys, according to the Financial Supervision Authority.

As of May 18, US$1 was equivalent to 3.65 zlotys.