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Fig. Wojciech Strozyk / REPORTER
A message and 100 million PLN forward. Thirteen of these messages are needed to get zero this year
It was enough that Leszek Czarnecki gave a plan to connect his two banks, and the players rushed on the shares of his companies. Although their value has increased by PLN 100 million, the billionaire still has more than a billion zlotys of losses to make up for.
Leszek Czarnecki announced Wednesday morning his intention to merge the banks in which he holds a majority stake. The shares of Idea Bank will probably be brought to Getin Noble. This is to help achieve cost and sales savings and strengthen the financial potential of both institutions.
The billionaire quickly earned up to PLN 99 million on this statement in four hours. In Warsaw Stock Exchange quotations in mid-Wednesday, Idea Bank shares gained 20.4% and Getin Noble Bank and Getin Holding rose by more than 5%. In the first and third Czarnecki has indirectly 55 percent. 575
| Quotations of Leszek Czarnecki in the last week |
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Still at the end of Tuesday its packages the shares of these three institutions accounted for a total of PLN 1.03 billion. At the end of last year, they amounted to 2.4 billion zlotys. It's still a long way to catch up – and even this one only this year.
A pile of bad debts
All because of losses of GNB, which are difficult to dig under the wrong pile of credit. Czarnecki said he would capitalize with one billion zlotys, which the market was translating as the possibility of selling the remaining assets.
Getin Noble lost more than 700 million zlotys in the last two years, and in the first quarter of this year. he added 48 million zlotys to this. What's more, Monday it was stated that due to the depreciation of investments (including Idea Bank) GNB will clear 60 million PLN at the unit level. In the first quarter, it increased its loan impairment provisions by PLN 119 million [1965900] and PLN 6.8 billion of gross impaired loans (of which PLN 0.8 billion for loans in foreign currencies), of which depreciations had already been made (and written off) at 3.5 billion zlotys. The net worth of loans granted by the bank is PLN 41.4 billion
Czarnecki said that a possible merger would have no impact on the GNB's capital protection plan agreed with the Financial Supervisory Commission. In the course of the recapitalization guaranteed by the shareholder, however, it did not exclude other investors interested in the combined entity from the merged banks.
In other words, PLN 10 billion capital increase plan of Leszek Czarnecki in April is not necessarily realized with its own funds. The first 200 million PLN have already been established. Another money can come from other entities. Getin Noble must find capital to meet KNF's requirements.
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