Poland starts compulsory restructuring of Getin Noble Bank (updated)

BNP Paribas Bank Polska SA

30/09/2022 08:20

(Adds detail)
       WARSAW, Sept 30 (Reuters) - Poland's Bank Guarantee Fund
has started its compulsory restructuring of Getin Noble Bank
 GNB.WA , a private lender that faced collapse, the fund said on
Friday.
    The move will protect client deposits totalling 39.5 billion
zloty ($7.98 billion) and safeguard the stability of the
financial system, the fund's statement said.
    The process, effectively a state-managed takeover, will
bring Getin Noble under control of a bridging bank on Oct. 3,
including all private deposits and loans denominated in Polish
zloty. Loans in foreign currencies are excluded from the
process, the fund said.
    The bridging bank shareholders will include the Bank
Guarantee Fund and a unit held jointly by ING Bank Slaski
 INGP.WA , Alior Bank  ALRR.WA , Bank Millennium  MILP.WA , Bank
Pekao  PEO.WA , BNP Paribas Bank Polska  BNP1.WA , mBank
 MBK.WA , PKO BP  PKO.WA  and Santander Bank Polska  SAN.MC ,
the fund said.
  
($1 = 4.9511 zlotys)
 (Reporting by Marek Strzelecki and Pawel Florkiewicz
Editing by David Goodman)
 ((Marek.Strzelecki@thomsonreuters.com;))