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Getin Noble drops search for financial investor

Getin Noble Bank SA terminated its search for a financial investor following the failure of talks with private equity funds interested in recapitalizing the Polish lender.

The bank received two nonbinding offers from private equity funds in June, but majority shareholder Leszek Czarnecki was not able to reach an agreement with the investors on the financial terms of the potential deal, Getin Noble said in its Aug. 14 filing.

The lender will now focus on preparing a profitability-boosting strategy in order to strengthen its capital position and meet regulatory requirements, although it does not exclude the possibility of taking actions to raise external capital in the future.

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 it. Idea said in July that it selected a private equity fund interested in acquiring a stake in the bank to carry out a limited due diligence process.