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Belarusian Idea Bank to Be Sold?

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Belarusian Idea Bank to Be Sold?
PHOTO BY INFOBANK.BY

The economic crisis has seriously affected the banking sector of Belarus.

Last week Polish media launched information that one of the richest Polish businessmen, owner of Getin holding Leszek Czarnecki was going to sell the Belarusian Idea Bank. Belarus refutes the information, ej.by writes.

Editorial Puls Bisnesu in its article "Idea" Sets in the East informs that Leszek Czarnecki is looking for a buyer for his assets in Belarus with the help of Ukrainian Fin Point and Rothschild. "First requests have already been directed to the financial institutions in Belarus," the periodical refers to an anonymous source.

Getin Holding entered the Belarusian market in 2008, having bought a control package of Sombelbank at around $6 million. A new investor has not sufficiently affected the position of the bank in the Belarusian financial market. A new hit the Belarusian business of Leszek Czarnecki got in 2012, when it was decided to allocate money to establish and develop a retail bank on the basis of Sombelbank (in 2013 renamed into Idea Bank).

In 2013 Leszek Czarnecki bought the Belarusian Bank for Small Business from the pool of international institutional investors and accomplished its amalgamation with Idea Bank in 2015.

The economic crisis has seriously affected the banking sector of Belarus and first its retail segment. Delta Bank was recognized a bankrupt in 2015. This year Czech Home Credit Bank which is to be reorganized into non-banking financial institution reduces is folding operations.

While assessing the situation in Belarus, Getin's report says that "macroeconomic conditions are bad that complies with expectations."

The first quarter of the Idea Bank improved the net profit indicator and took the 9th position in the banking system of the country. Polish mass media reports that problems with business reorganization in Poland may affect the decision of Czarnecki to sell assets in the East (in 2015 Getin Holding sold 95% of the Russian Idea Bank).

Leszek Czarnecki lost 2 positions, now he is the 6th in the list of top-200 of the richest businessmen of Poland. In a year the permanent member of Forbes's global rating of billionaires has lost a greater part of his fortune (57.2%) which is already equals to $0.5 billion. Now Czarnecki is not in the new list of Forbes.

The Belarusian Idea Bank does not confirm the information about the intention to sell the asset.

"Getin Holding, a shareholder of ZAO Idea Bank, is a public company with a listing on the Warsaw Currency and Stock Exchange. If there are any intentions to sell its assets, there should be an official notice. It has not been done, which means Getin Holding has no intentions to sell the asset," the commentary agreed with a parent company says.

It is noteworthy that since 2014 the Idea Bank has been the owner of Minsk Azimut business centre. It was acquired from Univest-М.

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