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The District Court in Warsaw declared Getin Noble Bank bankrupt

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The District Court in Warsaw declared Getin Noble Bank bankrupt.

September 30 last year BFG started forced restructuring of Getin Noble Bank; its activity was transferred to a joint bank of the BFG and the Commercial Bank Protection System, established by eight commercial banks. This is how VeloBank was created.

Sale of the bank

At the end of June this year, BFG announced the commencement of the sale of VeloBank. He stressed that this did not affect the bank’s operations or its customer service.

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The Bank Guarantee Fund has 51 percent. VeloBank shares, and the Commercial Bank Protection System (SOBK) 49 percent. Shares held by SOBK are also subject to a transaction carried out by the BFG.

The spokesman for the Bank Guarantee Fund explained that the estimate prepared by an independent company, Deloitte Advisory, showed that Getin Noble Bank had negative capital – minus PLN 3.6 billion, which meant that its assets were not enough to cover liabilities.

The following have been transferred to VeloBank: all deposits of Getin Noble Bank customers as well as loans in PLN, mortgage loans denominated or indexed to foreign currencies were excluded from the transfer.

Read also: “Restructuring is done to protect customers”

Main photo source: J2R / Shutterstock

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