PKO BP seeks regulatory approval for setting up mortgage bank
February 14, 2014
Bank PKO BP filed a motion with the financial market regulator KNF with regard to its plans of setting up a mortgage bank, expected at the turn of 2014 and 2015, the bank said in a press statement.
PKO BP will seek to sell up to 30% of mortgages through the mortgage bank, the bank said, confirming earlier plans. The bank is also considering transferring a part of the existing mortgage portfolio of the parent to the new unit.
The unit will be predominantly financed with mortgage-backed bonds addressed to institutional investors, mainly on the domestic market, the statement read. The first issue could take place in 2015.
The unit will be called PKO Bank Hipoteczny.