Ex-Billionaire’s Bank Tumbles After Forced Takeover of Idea Bank

Jan. 4, 2021, 4:21 PM UTC

A forced takeover of Idea Bank SA is putting pressure on Leszek Czarnecki’s other unprofitable lender.

Shares in Getin Noble Bank SA tumbled as much as 23% in the first day of trading after the Polish markets regulator pushed state-controlled Bank Pekao SA to acquire Idea, wiping out its shareholders and bondholders in the process.

The transaction, which was announced on New Year’s Eve, has sparked speculation that the larger Getin could be next. Poland’s ninth-largest lender is burdened with Swiss-franc loans and has fallen short of capital requirements.

“The likelihood for Getin Noble’s resolution is increasing,” Jovan ...





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