Getin Group closes in on WBC deal, but needs to find more capital

In mid-September the company will hold an extraordinary shareholders' meeting of Getin Holding, which will decide on acquiring a 70% stake in financial advisor Open Finance from LC Corp. The latter is owned by Czarnecki. "We want to consolidate the results of the company in the future and thus we will flatten the structure of the group," said Grażyna Bukowska, a spokeswoman for the Holding. She went on to say that the company will remain independent. Getin Bank is developing dynamically, but it might soon face problems related to insufficient capital, which could hamper its ability to grant more mortgage loans. "The issue of three- and five-year bonds to the Polish market worth a total of zł.500 million will start at the beginning of Q4. At the end of the year we should launch an issue of bonds directed at the European market with a value of EUR100 million," Bukowska said. (Puls Biznesu, p. 11) M.M.