February 6, 2020 / 10:10 AM / 11 days ago

Good if mBank sold to investor not already in Poland: CEO

FILE PHOTO: Commerzbank's Polish unit mBank's logo is seen in Warsaw, Poland October 31, 2019. REUTERS/Kacper Pempel

WARSAW (Reuters) - It would be good if mBank is sold to an investor who is not already present in Poland, Poland’s mBank (MBK.WA) CEO said on Thursday.

“From mBank’s point of view, it would be better to find an investor who isn’t already in Poland,” CEO Stypulkowski told a news conference.

Commerzbank (CBKG.DE) is sounding out potential buyers for its stake in mBank ahead of a formal sale process which is expected to launch in the coming months.

Stypulkowski added that the attractiveness of the Polish banking sector was diminishing, speaking in the context of the sale of mBank to foreign investor Commerzbank.

When it comes to Swiss franc mortgage rulings, he said there is no common line in the Polish court system, as the courts are in crisis.

He added that he sees no need to create new provisions for legal risk related to Swiss franc mortgages.

Polish banks face a rising number of lawsuits from clients who took out credits in Swiss francs. The clients believe such credits were harmful for consumers, since the Swiss currency almost doubled in value in recent years, making the credits more expensive and are looking for ways to seek refund from banks.

Reporting by Marcin Goclowski, Writing by Joanna Plucinska

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