Wednesday, August 19, 2015

Leszek Czarnecki sells business in Russia. Getin Holding shares shot – Money.pl

Getin Holding signed an agreement to sell all shares operating in the Russian Federation, the leasing company Carcade. The transaction is worth 3 billion rubles, or about 172.5 million. The buyer is a company Artertesia Consulting Ltd, affiliated with the Russian BinBankiem. The reason for termination of the company’s activity in Russia is high economic and political risk. In response to this information Getin Holding shares gaining up to 8 percent.

Finalization the agreement is planned for the fourth quarter of this year. However, it has come to fruition, need the consent of the Russian Anti-Monopoly Office. At the end of June 2015. The group Carcade assets were worth 20.167 billion rubles, or about 1.16 billion. Equity capital of the company amounts to 3,123 billion rubles, which gives the equivalent of approximately 179.6 million.

decision to completely withdraw from the Russian market is a derivative of high economic and political risk associated with conduct of business by a Polish entity on the territory of the Russian Federation. Conducting business in the leasing market, assuming the financing of the activities of Russian banks has happened in the last few months very difficult said Piotr Kaczmarek, CEO of Getin Holding.



ARE Ukraine and Belarus

Getin Holding hopes to reduce the risk associated with the activity in the market with unfavorable economic and political situation as well as increasing the efficiency of asset allocation.

– Despite the difficult conditions Ukraine and Belarus, the Management Board of the Holding sees significant business potential of the banking sector in these countries. Therefore at the moment we do not plan to withdraw from other markets in Eastern Europe – says Piotr Kaczmarek.

“The proceeds from this transaction will be invested in markets with lower risk and more stable political and economic situation. In the near future the group is considering increasing the capital engagement including Romania, where it has a bank and a leasing company. Holding does not rule out expansion to other markets of Central and South America “- written in the press release.

The reaction of investors

Getin Holding quoted on the Warsaw Stock Exchange on Wednesday gained more than 8 percent. You can see this information liked to investors.

The main shareholder of Getin Holding Group is controlled by Leszek Czarnecki, one of the richest Poles. It has 57.02 percent. the company’s shares. It also owns more than 50 percent. Getin Noble Bank, which is gaining on Wednesday, more than 12 percent.

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