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Polish competition watchdog launches proceedings against Idea Bank

Poland's Office of Competition and Consumer Protection, or UOKiK, launched proceedings against Idea Bank SA over practices potentially violating collective consumer interests.

The proceedings are related to the bank's offering of closed-end non-standardized securitization investment fund certificates issued by fund manager Lartiq TFI, whose license was revoked by the Polish Financial Supervision Authority at the end of 2019. The UOKiK's proceedings against Idea Bank will also cover the lender's offering of insurance policies tied to closed-end non-standardized securitization investment funds.

In a Jan. 9 filing, the bank said it disagrees with the regulator's allegations regarding the abuse of collective consumer interests and will seek to question them during the proceedings.

Idea Bank also noted the potentially negative decision of the regulator to be issued as the outcome of the proceedings could affect its future financial results, but it is not possible at this stage to estimate the extent of the impact.