Getin Noble Bank SA launched a new financial recovery plan, which the Polish Financial Supervision Authority approved earlier in January.
The new program replaces the lender's earlier profitability improvement plan launched in 2016 and updated in 2017. The new plans aims to rebuild Getin Noble's financial efficiency, regain profitability and achieve the required capital adequacy ratios by the end of 2024.
Getin Noble also said in its Jan. 10 filing it will focus on organic development as part of the plan, although it does not exclude the possibility of taking action in the future to raise external capital.
The troubled lender has been unprofitable for the last few years, with its total capital and Tier 1 capital shortage amounting to 1.8 billion zlotys and 1.6 billion zlotys, respectively, Parkiet wrote Jan. 10.
Getin Noble and its sister unit Idea Bank SA started looking for an investor in 2018 and were also planning to merge, but the Polish Financial Supervision Authority refused to approve the merger.
Getin Noble said in August 2019 that it terminated a search for a financial investor following the failure of talks with private equity funds interested in recapitalizing the lender.
As of Jan. 10, US$1 was equivalent to 3.81 Polish zlotys.