Getin bank is no longer for sale

opublikowano: 04-02-2008, 10:07

Warsaw (Puls Biznesu) – Did Leszek Czarnecki, the founder and owner of Getin Bank miss the best opportunity to sell the company? Or has he changed his mind and decided not to sell the bank at all, at least for the time being?


“If Leszek Czarnecki sells Getin now, he will confirm that he is a guru of financial markets. Had he sold it six months ago, he would have proved he is a genius”, this is how investors commented in December 2007 the news that the businessman was about to sell the bank to Spanish La Caixa. It was estimated that he would get PLN 6-8bn (EUR 1.7-2.2bn) in December, and even more earlier in June when the stock cost PLN 17.5. Today, its value has dropped to PLN 12.


“Due to turmoil on the financial markets, the number of entities interested in expansion in our region is probably smaller”, Marek Juras, DM BZ WBK analyst commented.

La Caixa still confirms that it is interested in the Polish bank sector. However, when in Summer 2007, the Spaniards were talking about their acquisitions, they planned to spend EUR 500-700m per each transaction. This would mean that Leszek Czarnecki was going to sell just a stake in Getin in order to find investor who would inject capital into the company. It looks like the businessman does not need to share his bank with anybody else any longer.

“From the business perspective, withdrawal of the main shareholder at this moment would make no sense”, Piotr Stepniak, Getin Holding ex CEO said.

Getin has managed to collect a lot of funds necessary for development.

“Our deposits are record high. We are not worried about financing. We are depositing cash on intra-banking market”, Artur Wiza, Getin Holding spokesman said.


TV campaign started in April 2007 starring famous actor Piotr Fronczewski helped the bank raise over PLN 2bn. In the fourth quarter only, the deposits rose by PLN 1bn. Stock exchange discouraging from investing was another factor, especially that Getin offers 7 percent income on deposits. According to unofficial sources, in January, the clients put PLN 1bn in the bank.

(PLN 1 = EUR 0.278)

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Podpis: MG