Getin Noble Bank on the verge of bankruptcy

Getin Noble Bank on the verge of bankruptcy

The bank announced that there was an indication of bankruptcy risk. Investors reacted nervously to this information.

The share price of Getin Noble Bank plunged sharply. Its stock price fell by 40%.

Information on the threat of bankruptcy is the effect of lowering capital ratios. Some of them fell below the minimums set by the regulator. In addition, Getin Noble Bank has made large provisions for franking credits, which resulted in a loss for 2021 of about PLN 1 billion.

Getin Noble Bank reassures that it has filed a new recovery plan for 2022-2027 with the Polish Financial Supervision Authority (KNF), which includes solutions that will help rebuild the bank’s capital ratios. It also discusses, among other things, how to take advantage of opportunities related to operating in an environment of higher interest rates and digitalization of banking services.

KNF said that the key to the bank’s recovery is to improve its capital position. This depends mainly on whether the bank will be recapitalized by Leszek Czarnecki, its main shareholder.

Source: https://www.money.pl/gielda/getin-noble-bank-komentuje-raport-wierzy-w-nowy-plan-naprawy-6763499907308320a.html

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