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The Polish Financial Supervisory Authority has refused to issue a start-up permit to Apex Bank, which has 56 cooperative banks.
The PFSA decided that the permit can not be issued – as it reads in the release – "because of the fact that it was found lack of adequate organizational preparation for starting operationsand, not subject to appropriate conditions for the conservation of the funds and other values, taking into account the extent and type of banking activity, as well as the non-compliance with the conditions set out in the licensing decision for the creation of a bank. "
– The cooperative banks that form PBA SA can take steps to join existing BPS or SGB associations and thus adhere to the institutional protection systems or ask the Polish financial supervisory authority to provide them with the necessary services. authorization to conduct independent operations, ie outside associations (cooperative banks whose funds are available). own funds represent the equivalent in zlotys of at least 5 million euros) – reads in the release.
Previously, the KNF had agreed to set up a bank
In November 2017 The KNF has published consent to the creation of the Polish bank Apex. associate 56 cooperative banks.
Polish Apex Bank is not a typical retail bank and will not have any sales outlets. Its activities are exclusively focused on the provision of services to the associated cooperative banks in the form of: financial support to the association, guaranteeing the conditions for the maintenance of liquidity in association by all its participants in an independent manner, regulations, management of surplus funds cooperative banks and legal services.
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