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Reports: Getin Noble Bank sees low chance of merger with sister unit Idea

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Reports: Getin Noble Bank sees low chance of merger with sister unit Idea

Getin Noble Bank SA believes that chances of its merger with sister unit Idea Bank SA have decreased significantly, news agency PAP reported May 30.

Getin Noble said the tie-up would only be possible with the help of an external investor that would recapitalize the lender itself or the merged entity, the newswire reported.

Getin Noble and Idea Bank, controlled by Polish businessman Leszek Czarnecki, have been discussing a merger and looking for an external investor to improve their financial standing.

Several private equity funds launched due diligence at the banks a few months ago and it should be clear by mid-June whether the lenders manage to attract an investor, Getin Noble Bank's head Artur Klimczak said. The executive also said Getin Noble should be able to restore its capital ratios on its own, without the potential help of an external investor or its main shareholder.