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☆ mBank CEO doesn't see end of provisioning for Swiss franc mortgages
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: 1 min

Commerzbank's Polish unit mBank's logo is seen in Warsaw, Poland, May 31, 2023. REUTERS/Kacper Pempel/File photo Acquire Licensing RightsGDANSK, Oct 31 (Reuters) - Polish lender mBank's (MBK.WA) CEO Cezary Stypulkowski on Tuesday said he did not see the end of provisioning for legal risks related to Swiss franc mortgages, adding the scale of the issue was difficult to predict. Stypulkowski did not give any timeline on when the situation might be solved. The bank's provisions for legal risk of foreign currency loans were 1.08 billion zlotys ($258.84 million) in the third quarter, compared with 2.31 billion zlotys a year earlier. ($1 = 4.1724 zlotys)Reporting by Mateusz Rabiega; editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Kacper, Cezary Stypulkowski, Stypulkowski, Mateusz, Milla Nissi Organizations: REUTERS, Thomson Locations: Warsaw, Poland, GDANSK

☆ Polish stocks rise in first session after parliamentary election
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: 1 min

Main WSE index WIG20 is seen through the WSE (GPW) logo at the Stock Exchange in Warsaw, Poland June 1, 2018. REUTERS/Kacper Pempel/File Photo Acquire Licensing RightsGDANSK, Oct 16 (Reuters) - Polish stocks rallied on Monday after the ruling nationalists looked to have fallen short of a parliamentary majority in Sunday's election, potentially opening the way for the opposition to form a government. The WIG index (.WIG) rose 2.9%, while the blue-chip WIG20 (.WIG20) was up 3.3%, led by banks. The Warsaw WIG bank index (.BNKI) jumped 5.7%. Reporting by Mateusz Rabiega; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kacper, Mateusz Rabiega, Alex Richardson Organizations: Stock Exchange, REUTERS, Thomson Locations: Warsaw, Poland, GDANSK

GDANSK, July 26 (Reuters) - Poland's biggest video games producer CD Projekt (CDR.WA) said on Wednesday it plans to lay off about 9% of personnel in its CD Projekt RED development studio, maker of Cyberpunk 2077 and "The Witcher" saga. Around 100 people will leave the company in a reduction process that is planned to conclude in the first quarter of next year. Phantom Liberty is the first and only expansion to company's Cyberpunk 2077 which is due to premier in late September. The news of redundancies within Poland's most well-known game studio came after two companies from the country's gaming sector, Ten Square Games and Huuuuge, announced they too would cut jobs. ($1 = 3.9973 zlotys)Reporting by Mateusz Rabiega; editing by Louise Heavens, Jason Neely and Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.

Persons: Adam Kicinski, J.P, Morgan, Mateusz, Louise Heavens, Jason Neely, Conor Humphries Organizations: Liberty, Ten, Huuuuge, Thomson Locations: GDANSK

☆ CD Projekt shareholders okay doubling buyback programme
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: 1 min

GDANSK, Poland, June 6 (Reuters) - CD Projekt (CDR.WA) shareholders at a general annual general meeting (AGM) on Tuesday authorised the company's management board to buy back shares in the Polish game producer worth up to 500 million zlotys ($119 million). The buyback programme is twice the size of the previous programme authorised in 2016. "The proposed resolution is intended to enable the Company to carry out such a purchase (or purchases) in a possibly flexible manner," the resolution passed at the AGM said. The AGM also approved a dividend of 1 zloty per share from the profit generated in 2022, the third consecutive dividend paid out by CD Projekt. ($1 = 4.1935 zlotys)Reporting by Adrianna Ebert; translating by Mateusz Rabiega; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Adrianna Ebert, Mateusz, Jason Neely Organizations: Company, Projekt, Thomson Locations: GDANSK, Poland, Polish

☆ Ten Square Games' Hero Legacy to launch in coming months - CEO
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: 1 min

GDANSK, March 29 (Reuters) - Polish mobile games maker Ten Square Games (TENP.WA) expects the new "Hero Legacy" game produced by its Gamesture unit to launch in the coming months, its CEO Michal Zuzalek said on Wednesday. The company plans to present an updated growth strategy together with the presentation of its first-quarter results, which are due at the end of May, a spokesperson for the group said. Reporting by Mateusz Rabiega and Karolina Komada; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Ten Square Games to cut jobs as inflation bites
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

GDANSK, March 29 (Reuters) - Polish mobile games maker Ten Square Games (TENP.WA) plans to cut jobs, Chief Financial Officer Magdalena Jurewicz said on Wednesday, citing rising inflation and a difficult environment for the gaming sector in the country. Shares in the company slid 13.5% on the news, which comes a day after Ten Square Games reported a 63% fall in net profit for last year due to a post-pandemic exodus of players. "We have a new game from Gamesture, that will appear in the coming months. The technical launch is already underway (...) we will be testing this game and Gamesture wants to add new games to its portfolio in the coming months," he added. Reporting by Mateusz Rabiega and Karolina Komada; Editing by Jan Harvey and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Allegro.eu's Polish unit fined $48 mln for violation of competition rules
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

GDANSK, Dec 29 (Reuters) - Poland's anti-monopoly office on Thursday fined the Polish unit of Luxembourg-based e-commerce group Allegro.eu (ALEP.WA) just over 210 million zlotys ($48 million), saying it had broken competition rules and violated its own terms and conditions. UOKiK also fined Allegro nearly 4 million zlotys on Thursday for terms violations. The company also said that 99% of sales on Allegro.pl were carried out by independent sellers and the remaining 1% through its own store. According to the investigation carried out by the watchdog, Allegro started favouring its own retail sales operations in May 2015. Shares in Allegro.eu retreated sharply from the day's highs following the news before climbing back to close up 2.5%.

☆ Ten Square Games in no rush to carry out acquisitions
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

GDANSK, Nov 22 (Reuters) - Polish mobile game producer Ten Square Games (TENP.WA) is not actively seeking merger opportunities, its CEO said on Tuesday. "We are in no rush to carry out acquisitions at this moment," Maciej Zuzalek said. Reporting by Anna Banacka and Mateusz Rabiega Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Poland's Alior Bank to launch Alior Pay as part of new strategy
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

Nov 4 (Reuters) - Poland's Alior Bank (ALRR.WA) plans to join the fast growing digital payments market at the turn of the year with Alior Pay, a key part of a two year strategy to be announced in early 2023, CEO Grzegorz Olszewski said on Friday. The bank did not give details of the new service, which it announced alongside a third-quarter net loss of 62.6 million zlotys ($13.1 million). That compared with a profit of 150.4 million zlotys a year earlier, and was due in part to the payment holidays enacted by Poland's government to help borrowers cope with higher interest rates. Despite a deteriorating economic backdrop, Alior said it did not expect its 2022 cost of risk - money set aside against risky loans - would exceed last year's 1.6%. ($1 = 4.7939 zlotys)Reporting by Maria Gieldon and Mateusz Rabiega in Gdansk Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ ING's Polish unit says payment holidays not affecting risk costs
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

GDANSK, Nov 3 (Reuters) - The Polish unit of Dutch lender ING (INGP.WA) does not see a direct impact on its cost of risk from payment holidays for borrowers, its chief financial officer said on Thursday. The Polish government has introduced so-called "credit vacations" to help borrowers deal with higher interest rates. "The clients who had irregularities in their repayments before the start of credit vacations, and who no longer have them afterwards, are still treated as clients at risk," he said. When asked about Wednesday's downgrade in the outlook for Polish banks to "negative" from "stable" by Moody's credit rating agency, Graczyk and Bartkiewicz cited the impact of the payment holidays on the sector's growth. ($1 = 4.8346 zlotys)Reporting by Mateusz Rabiega and Adrianna Ebert Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ PKO Bank Polski sells 14.2 mln PKN Orlen shares
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

GDANSK, Oct 18 (Reuters) - Poland's biggest bank PKO Bank Polski (PKO.WA) sold 14.2 million shares of oil company PKN Orlen (PKN.WA) at 50.50 zlotys ($10.39) per share, via an accelerated book building process launched on Monday, the bank said in a statement on Tuesday. At the end of September, PKO Bank Polski had signed a deal with Poland's state treasury to buy the stake in PKN Orlen. The deal was linked to PKN Orlen's plan to merge with gas company PGNiG (PGN.WA). read moreOn Sept. 30, PKO Bank Polski and the oil company had also signed a total return swap agreement that was meant to limit the bank's exposure to Orlen's share price fluctuations. At the end of Tuesday's session, PKN's shares closed down 4.5% at 51.68 zlotys ($10.63) each.

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