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Getin Noble proceeds with recapitalization

LC Corp BV, an investment vehicle of Polish businessman Leszek Czarnecki, acquired 36,630,037 new shares of Getin Noble Bank SA, providing a 100 million Polish zloty capital boost to the lender.

The shares were purchased at a price of 2.73 zlotys apiece, Getin Noble said Oct. 15.

The bank already received a capital injection of 100 million zlotys in July and of 190 million zlotys in May, Rzeczpospolita noted the same day. All three capital hikes are part of the lender's capital protection plan aimed at aligning its capital ratios with regulatory requirements.

Czarnecki, who controls the bank, promised to offer Getin Noble almost 1 billion zlotys throughout 2018 and 2019 via the acquisition of additional shares and issuance of guarantees under the capital protection plan.

As of Oct. 15, US$1 was equivalent to 3.70 Polish zlotys.