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ING Groep's Polish unit to take over ailing credit union

The Polish Financial Supervision Authority allowed ING Groep NV unit ING Bank Slaski SA to take over local credit and savings union Bieszczadzka SKOK as part of the latter company's restructuring process.

The restructuring process will be supported by the Polish Bank Guarantee Fund, and the takeover will take place Sept. 1, the bank said.

Bieszczadzka SKOK has 14 offices and 19,000 members, while the value of its assets is equivalent to 0.04% of ING Bank Slaski's assets.

Polish credit and savings unions have had problems for several years, with 10 of them collapsing since 2013, six unions taken over by local banks and one by another credit union, Rzeczpospolita noted Aug. 10.