trending Market Intelligence /marketintelligence/en/news-insights/trending/0BCEzIP_5qUGjbiLc-HmMg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Idea Bank buys into Getin Leasing

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Idea Bank buys into Getin Leasing

has signed anagreement to take over GETINLeasing SA within the next three years.

Inthe first stage of the deal, Idea Bank will purchase a 49.99% stake in GetinLeasing from LC CorpBV, with the transaction to be finalized by the end of March 2017.The Warsaw-based lender will pay 184.5 million Polish zlotys for the sharesplus 49.99% of Getin Leasing's consolidated net profit for 2016.

Ideaplans to buy the remaining shares of the leasing company by the end of March2018. The price of the shares, to be acquired under a call or put optionstipulated, will be determined separately but will not be lower than 190million zlotys increased by 4% per annum.

Thedeal is to take place in several stages, enabling Idea Bank to complete itssale of debt collection unit GetBack before taking control of a new entity.

IdeaBank Group currently carries out its leasing operations through Idea Leasing,which includes VB Leasing purchased in 2015. After their integration, Idea Leasingand Getin Leasing is expected to become the largest leasing company in Polandand one of the biggest in Central and Eastern Europe, according to Idea BankPresident Jaroslaw Augustyniak. The merged company is expected to deliverrevenue of more than 6 billion zlotys annually, giving Idea Bank Group a marketshare of 15%.

Estimatedsynergies will reach between 40 million zlotys and 80 million zlotys, whileannual net profit will exceed an estimated 100 million zlotys.

LCCorp. BV recently purchased 39.26% in Getin Leasing and signed aconditional agreement to buy a further 10.02% in the unit from . LC Corp. also agreedto purchase 50.72% inGetin Leasing from Getin NobleBank SA.

Allthe companies, including Idea Bank, are controlled by Polish businessman LeszekCzarnecki. He holds more than 79% of Idea Bank and controls its shares directlyand indirectly via several companies, including Getin Holding and LC Corp.

As of April 13, US$1 wasequivalent to 3.80 Polish zlotys.