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Getin Holding to buy Belarusian Bank for Small Business


19.07.2013

On 11 July 2013, Getin Holding S.A. signed a preliminary agreement to buy a 95.5% holding in the Belarusian Bank for Small Business. The agreement was concluded with foreign shareholders of the Bank. The parties estimate the transaction is worth EUR 4.8 million.

The Belarusian Bank for Small Business is a financial institution specialized in providing services for SME. Its 16 million euro worth loan portfolio is characterised by low risk. The Bank has 8 branches in main Belarusian cities. Upon completion of the transaction, Getin Holding will control 100% of the unit.

‘The aim of the transaction is to expand our presence in the Belarusian market of SME loans,’ Rafał Juszczak, President of Getin Holding, said. ‘Idea Bank Belarus, the Holding's unit, was recognized as the best consumer bank in Belarus. The acquisition of the SME specialized unit will substantially strengthen the Group's position in that market,’ he added.

The completion of the transaction is conditional among others on obtaining the clearance of the National Bank of the Republic of Belarus and the opinion of the Pricing Policy Department of the Ministry of Economy of the Republic of Belarus.
 

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