Last Friday, the Bank Guarantee Fund (BFG) decided to start the forced restructuring of Getin Noble Bank.
As a result, the BFG took over management of the bank. Getin Noble Bank’s operations will be transferred to a bridge bank owned by the BFG and the Bank Protection System.
The BFG decided on the forced restructuring due to the bank’s poor financial situation and the threat of bankruptcy. Thanks to it, the fund protected customer deposits worth PLN 39.5 billion.
The BFG assures that customers’ money is safe, and their service remains unchanged. Cards, ATMs, e-banking and the bank’s branches are all operating.
For shareholders, however, the forced restructuring means they are left with nothing. Indeed, all Getin Noble Bank shares have been cancelled. The value of the bonds has also dropped to zero. On Thursday of last week, all the bank’s shares were worth PLN 154 million. Leszek Czarnecki, the founder of Getin Noble Bank, owned 62.8 percent, while 27.2 percent were freely traded on the WSE.
Getin Noble Bank had serious financial problems for several years. It struggled with capital shortfalls. It lacked as much as several billion zlotys to function normally. Leszek Czarnecki failed to improve its situation, for which the Financial Supervision Commission fined it more than PLN 20 million.
