More and more complaints about Getin’s restructuring
Shareholders, bondholders and franking customers are complaining about the decision to forcibly restructure Getin Noble Bank. More than 7,500 such complaints have already been received.
At the end of September, the Bank Guarantee Fund (BFG) announced the start of forced restructuring of Getin Noble Bank. The bank was threatened with bankruptcy. BGF transferred its operations to Velo Bank. As a result, customer deposits are safe. However, investors, whose shares and bonds were cancelled, suffered losses. Many of them, however, want to fight the BGF’s decision. More than 7,500 complaints have already been submitted to this institution and directly to the Provincial Administrative Court in Warsaw.
Ultimately, there may be several thousand more. They have been filed by the bank’s bondholders and shareholders, as well as Getin Noble Bank’s supervisory board. A sizable group of complaints may also be those received from francophone borrowers. This is because the foreign currency loans were not transferred to the new bank, but remained in Getin. As a result, those who sued Getin are less likely to get their money back. In the case of a bank in bankruptcy, the BGF is satisfied first from the bankruptcy estate.
To date, Poland has seen four cases of forced restructuring. The earlier two involved cooperative banks, and one involved Idea Bank, which, like Getin, is controlled by Leszek Czarnecki. In each case, when the BGF decided to cancel the shares, there were complaints. However, the court did not consider any of them.
