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PKO BP to set up mortgage bank

14th February 2014
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Poland’s biggest lender, PKO BP filed a motion to the financial market watchdog KNF to set up its mortgage bank.

PKO BP hopes to start its subsidiary at the turn of 2014/15 and hopes to sell up to 30 percent of mortgages through it. The bank is also considering transferring a part of the existing mortgage portfolio of the parent to the new unit.
“A creation of the new mortgage unit is an element of our strategy for 2013-2015,” said the bank CEO Zbigniew Jagiełło in a press release. “It should increase the capital group's safety by eliminating the mismatch in the maturities of credits and deposits and opening the door for diversification of long-term financing at lower cost vs. non-secured notes,” mortgage bank project head Rafal Kozłowski added.
There are only two banks in Poland that have a status of a mortgage bank and can issue mortgage bonds. Their Pekao and mBank subsidiaries.

From Warsaw Business Journal

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