WARSAW: The Bank Getin Noble filed for the consent of financial market regulator KNF to set up a mortgage bank, to which it intends to transfer its mortgage local portfolio worth a few billion zloty, the bank said Monday.
“We are first of all creating a mortgage bank in order to transfer the portfolio, we’re talking about a good several billion zloty,” CEO Krzysztof Rosinski told PAP Polish news agency.
The new entity will likely take over the entire new mortgage loan generation from Getin Noble Bank, the CEO added. The bank is to be established based on Getin Noble’s unit BPI Bank Polskich Inwestycji and is supposed to launch operations in 2017, Getin said in a press statement earlier on Monday.
“The role of the new institution will be to obtain long-term financing via issues of mortgage covered bonds,” the statement read. In the longer term, the bank will also issue bonds covered by loans extended to local governments.