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Poland initiates resolution procedure for cooperative bank PBS

Poland's Bank Guarantee Fund launched a resolution procedure for cooperative lender Podkarpacki Bank Spóldzielczy due to its difficult financial situation and low capital levels.

The fund took control of the bank, while its management board was dissolved and the powers of the supervisory board were suspended.

Part of the bank's business, including all deposits held by retail clients as well as micro-, small- and medium-sized companies, were transferred to Bank Nowy BFG SA, a bridge financial institution, which will start servicing clients Jan. 21. Membership shares and bonds issued by Podkarpacki Bank Spółdzielczy will be canceled, the lender said in its Jan. 17 filing.

The Bank Guarantee Fund will aim to sell Bank Nowy BFG to another bank or a group of banks in the future, news agency PAP noted.