Getin Holding plans strong development

APA - Austria Presse Agentur
08-11-2006, 11:40

Warsaw (Puls Biznesu) – Bad news for investors: Getin Holding is not for sale. Good news – its part, i.e. Noble Bank, may be.

Warsaw (Puls Biznesu) – Bad news for investors: Getin Holding is not for sale. Good news – its part, i.e. Noble Bank, may be.

 

The issue of shares of Getin Holding and LC Corp. owned by Leszek Czarnecki were successful, “PB” learn unofficially. The holding will raise PLN 648.3m (EUR 169.2m) while LC Corp. PLN 559m. Both issues were placed abroad and directed to chosen investors. Piotr Stepniak, Getin Holding CEO did not confirm the data concerning the success of the issue. He admitted however that the holding will buy from LC Corp. the insurance company TU Europa for PLN 561m.

“At the same time we will issue our shares worth PLN 561m to LC Corp. so that we can regain the capital necessary to develop our group”, Piotr Stepniak explained.

The capital will be spent to develop Getin Bank.

“We want to inject PLN 130-140m in this bank this year. It is necessary at the present credit portfolio”, Getin Holding CEO explained.

In the first half of the year, the bank increased credits by 34 percent and it should be the same in the whole year.

 

Piotr Stepniak said he knows nothing about plans to sell the holding. This is something foreign investors eying Poland are waiting for. According to Jacek Chwedoruk, the general director of Rothschild Polska, an M&A advising company, as long as the holding develops fast, there is no need for its investor to withdraw. Piotr Stepniak does not exclude, however, that the shares of Noble Bank, the newest asset in the group, may be sold next year.

“Noble Bank may attract the attention of investors”, Piotr Stepniak said.

 

Up to PLN 400m raised in the issue will be spent in the East.

“This week we will conclude checking the financial situation of a Ukrainian bank. We negotiate the transaction structure in Russia. In both cases we are about to make the transaction”, Piotr Stepniak revealed.

(PLN 1 = EUR 0.261)

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Podpis: APA - Austria Presse Agentur

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