April 25, 2018 / 6:50 AM / 7 months ago

BRIEF-KNF Approves Getin Noble Bank Capital Protection Plan

April 25 (Reuters) - GETIN NOBLE BANK SA:

* SAID ON TUESDAY THAT THE POLISH FINANCIAL SUPERVISOR KNF HAS APPROVED ITS CAPITAL PROTECTION PLAN TO MEET INCREASED CAPITAL REQUIREMENTS

* EARLIER IN APRIL, KNF APPROVED THE BANK’S SHARE CAPITAL INCREASE THROUGH WHICH IT PLANS TO RAISE CAPITAL BY 190 MILLION ZLOTYS

* ADDITIONALLY, IN THE SECOND HALF OF 2018 GETIN NOBLE BANK PLANS TO ISSUE NEW SHARES IN THE AMOUNT OF 200 MILLION ZLOTYS WHICH WOULD INCREASE THE BANK’S OWN FUNDS REALIZED THROUGH AN INCREASE IN EQUITY IN 2018 TO 390 MILLION ZLOTYS

* THE NEXT SHARE ISSUE, GUARANTEED BY THE MAIN SHAREHOLDER, IS PLANNED FOR 2019 AND WOULD SEE SHARE CAPITAL INCREASED BY ADDITIONAL 100 MILLION ZLOTYS

* THE MANAGEMENT PLANS TO FILE AN ISSUE PROSPECT IN Q4 2018 AT THE LATEST

* THE BANK ALSO PLANS AN ISSUE OF RELEVANT FINANCIAL INSTRUMENTS THAT COULD BE INCLUDED IN ADDITIONAL TIER 1 CAPITAL SUBJECT TO APPROVAL FROM KNF

* AS PART OF THE PLAN, IT ASSUMES AN AGGREGATE ISSUE IN THE AMOUNT OF 450 MILLION ZLOTYS BY THE END OF 2019, GUARANTEED BY THE MAIN SHAREHOLDER

* IT ALSO PLANS TO ISSUE EUROBONDS OF THE NOMINAL VALUE OF AT LEAST 0.1 MILLION EURO EACH

* IT WILL ALSO CONSIDER AN ISSUE OF SUBORDINATED BONDS ON ITS DOMESTIC MARKET

* AS A PART OF THE PLAN, IT ALSO PLANS TO SELL STAKE IN ITS BROKERAGE UNIT NOBLE SECURITIES AND MERGE WITH WHOLLY-OWNED UNIT, BPI BANK POLSKICH INWESTYCJI SA

* THE COMPANY’S MAIN SHAREHOLDER HAS PLEDGED TO SUPPORT THE COMPANY BY ACQUIRING NEW SHARES AND GRANTING GUARANTEES UP TO A TOTAL AMOUNT OF ABOUT 1 BILLION ZLOTYS

* SAYS THAT THE PREPARATION OF THE PLAN WAS NOT DICTATED BY THE BANK’S OPERATIONAL ACTIVITY BUT BY CHANGES IN THE LEGAL AND REGULATORY ENVIRONMENT

Source text for Eikon:

Further company coverage: (Gdynia Newsroom)

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