The mortgage unit of ING Bank Śląski SA has started operations after securing all regulatory approvals, the Polish lender said Jan. 3.
The Polish Financial Supervision Authority gave its consent for ING Bank Hipoteczny to officially launch operations Jan. 2, after allowing ING Bank Śląski to set up the mortgage unit one year ago.
Mirosław Boda was appointed chairman of ING Bank Hipoteczny's management board, and the share capital of the lender amounts to 120 million Polish zlotys.
ING Groep NV is the ultimate parent of ING Bank Śląski.
As of Jan. 4, US$1 was equivalent to 3.76 Polish zlotys.