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Getin Noble Bank mulls share consolidation

Getin Noble Bank SA has launched preparations to consolidate its shares in order to bring their market value to at least 0.50 Polish zloty apiece.

The lender expects that due to poor performance, its shares will be added to the Warsaw Stock Exchange's alert list in December and the planned consolidation is aimed at removing them from the list.

The Warsaw Stock Exchange's alert list includes shares whose average closing price is below 0.50 Polish zloty in a given quarter. Shares from the list are usually excluded from all stock exchange indexes and from the continuous trading system. The average price of Getin Noble Bank shares amounted to 0.44 zloty apiece in the fourth quarter, with their value falling by 75% since the beginning of 2018, Parkiet noted.

Getin Noble said in a Dec. 20 filing that the price fall observed in the current quarter was a result of external factors that took place in November and was not related to the financial condition of the bank. Getin Noble has been subject to increased media coverage since November after its main shareholder, Leszek Czarnecki, made corruption accusations against Marek Chrzanowski, former head of the Polish financial regulator. Following media reports, prices in Getin Noble shares dropped significantly, while some of the lender's clients withdrew their funds from the bank.

Getin Noble already consolidated its shares in 2016, also to avoid placement on the Warsaw Stock Exchange's alert list.

Meanwhile, Parkiet reported Dec. 21 that Getin Holding SA, also controlled by Leszek Czarnecki, will consolidate its shares Jan. 18, with the date approved by its supervisory board. The shares will be consolidated at a ratio of 4:1, the newspaper said, noting that the operation is also meant to remove the company's shares from the alert list to which they were added in September.

As of Dec. 20, US$1 was equivalent to 3.76 Polish zlotys.