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Getin Bank needs PLN 900m from bonds

APA - Austria Presse Agentur
opublikowano: 01-09-2005, 20:49

Warsaw (Puls Biznesu) – Next week, Getin group is signing the agreement to acquire Wschodni Bank Cukrownictwa. It is the third bank acquired by Getin, the company owned by Leszek Czernecki. In the middle of September, the company will decide to buy from LC Corp 70 percent in Open Finance.

Warsaw (Puls Biznesu) – Next week, Getin group is signing the agreement to acquire Wschodni Bank Cukrownictwa. It is the third bank acquired by Getin, the company owned by Leszek Czernecki. In the middle of September, the company will decide to buy from LC Corp 70 percent in Open Finance. The latter is to stay independent and sell products of Getin Bank and other financial institutions. “Open Finance is profitable. It may have PLN 10m (EUR 2.5m) of income next year, adding to the holding’s income”, Andrzej Powierza, BDM PKO BP analyst estimated.

Meanwhile, he added that although Getin Bank was developing well, it was mainly thanks to mortgage credits. But soon the bank will lack funds. “Its network allows to sell PLN 300-400m of mortgage credits a year, which would give it the second-third place in the ranking but the bank is limited by its capitals”, Andrzej Powierza said. Therefore, bonds will be issued. “The issue of 3- and 5-year bonds worth PLN 500m starts at the beginning of the fourth quarter. At the end of the year, bonds directed to the European market should be launched worth EUR 100m”, Grazyna Bukowska, Getin Holding spokesperson said.

(PLN 1 = EUR 0.251)Poland/Enterprises/Banks and Finances


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Podpis: APA - Austria Presse Agentur