The supervisory board of Poland-based Alior Bank SA approved a long-term bond program of up to 5 billion Polish zlotys.

The program will comprise unsecured bonds, including subordinated notes, with a par value of at least 100 zlotys or €100 each, to be offered in and outside of Poland, the lender said Aug. 5.

The notes will be issued in tranches within five years from the decision to open the bond program, and their maturity will not exceed 10 years.

As of Aug. 5, US$1 was equivalent to 3.86 Polish zlotys.