TU Europa sale could ensure capital release for Getin

The company is owned by Leszek Czarnecki who, along with the subsidiary - Dutch LC Corp., controls a 99.47% stake in TU Europa. TU Europa also owns TUnŻ Europa, a life insurance company. Czarnecki earlier declared that the company will carry out a new share issue targeted at financial investors but according to unofficial information he changed his mind and sent the sale offer to potential investors. According to some investors that received the offer, it may be attractive for those that are not yet present on the Polish market or for those interested in the bank assurance sector that TU Europa specializes in. The estimated value of the takeover may total as much as zł.400 million. Parkiet sources claim that Czarnecki has decided to sell TU Europa and the capital released from the sale is to be invested in Getin Bank, which is controlled by Leszek Czarnecki through Getin Holding and has plans for further expansion on the mortgage loans market. (Parkiet, p. 1) E.B.