Getin Holding to spend money from capital increase for acquisitions

APA - Austria Presse Agentur
opublikowano: 31-01-2005, 11:39

Warsaw (Puls Biznesu) – This week, Getin Holding, Poland’s financial group, which is going to issue new shares in the first half of this year, will explain, how the funds will be spent. ‘The issue will bring PLN 200-250 m (EUR 49.2-61.5 m).

Warsaw (Puls Biznesu) – This week, Getin Holding, Poland’s financial group, which is going to issue new shares in the first half of this year, will explain, how the funds will be spent. ‘The issue will bring PLN 200-250 m (EUR 49.2-61.5 m).

The majority of the funds will be spent to increase capital of Getin Bank, which needs PLN 200 m for development. We do not exclude that part of the money will be spent on acquisitions of, i.e. distribution companies’, Leszek Czarnecki, Getin Holding majority shareholder said. The capital of Getin Bank will rise to PLN 600 m next year from 200 m this year. In 2004, Getin Bank probably had net income of the estimated PLN 51 m, although Leszek Czarnecki refused to tell details.

Meanwhile, Getin Holding is enlarging its financial group. This month, it bought from RB Investcom stakes in three companies worth PLN 3.2 million, including 21 percent in PDK (credit company), 20.8 percent in leasing company Carcade and 10 percent in insurance company RB Expert. It has a buy option till 2007 to increase the stakes or a sell option within nine months. ‘All three companies incur losses. We do not exclude selling them’, Leszek Czarnecki said. He added that Carcade could reach break even in the first half of the year, while the two other companies in the second half.

The name of Carcade was changed into Getin Leasing. ‘Apart from leasing operations, the company will offer bank products to small companies’, Leszek Czarnecki added. He admitted he wanted to come back to the leasing market, which is growing 20 percent a year. Leszek Czarnecki founded EFL, Poland’s largest leasing company, which he first listed on the stock exchange, and then sold to Credit Agricole. ‘In my opinion, Getin Leasing will develop on the car leasing market, as it suits the strategy of Getin Bank. It may be a rival to EFL’, Jaroslaw Borzymowski, the member of the board of the Association of Leasing Companies commented.

(PLN 1 = EUR 0.246)Poland/Enterprises/Banks


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