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Getin Noble Bank to sell nearly 10% of investment fund management unit

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Getin Noble Bank to sell nearly 10% of investment fund management unit

Poland-basedfinancial consulting and advisory company Open Finance said April 29 that itagreed to acquire a 9.99% holding in investment fund manager Noble Funds TFIfrom Getin Noble BankSA.

OpenFinance agreed to pay 2.099 Polish zlotys per share of the fund manager, orabout 21 million zlotys for 9,993 shares with a par value of 5.0 zlotys apiece.

Thepayment will be made by April 30, 2019, in four tranches of 4 million zlotysand one tranche amounting to approximately 5 million zlotys. In addition, OpenFinance will pay a total of about 1.9 million zlotys to compensate for deferredpayments.

BothOpen Finance and Getin Noble Bank are controlled by Polish businessman LeszekCzarnecki.

As of April 29, US$1 wasequivalent to 3.82 Polish zlotys.