Czarnecki issues shares to boost bank expansion

Czarnecki is looking to accumulate capital for banking and insurance investments in Poland, the East and for other large construction projects. Getin Holding, the financial arm of Czarnecki's business, is currently concluding the acquisition of two banks in Russia and the Ukraine, which will immediately consume half of the proceeds from the share issue. "In Russia our leasing company Carcade is the market leader of the automotive segment," said Czarnecki. "It has 30 outlets. By taking over a bank, we will automatically increase its sales network and we will create a financial institution specializing in car loans." He has a similar plan in mind for the Ukraine, however, the other half of funds will be designated for developing Getin Bank by boosting the number of branches from 158 to 200 next year. "I believe that a realistic date of LC Corp [a company investing in real-estate market] IPO is April or May. We want to collect zł.300 million from the floor," said Czarnecki. (Puls Biznesu, pp. 1, 7) M.M.