Poland’s Getin Holding S.A. acquires Belarusian Bank for Small Business

Getin Holding S.A. acquired a more than 95.5% stake in the share capital of the Belarusian Bank for Small Business for €4.87 million.

The information about the transaction was published on the website of Getin Holding S.A.

The sale of shares of the Belarusian Bank for Small Business was registered on 18 October in the Bekas system of the Belarusian Currency and Stock Exchange.

The Belarusian Bank for Small Business was established in 2008, with the participation of the founders from the United States and the European Union. Shareholders of the bank were the International Finance Corporation (21.67%), European Bank for Reconstruction and Development (21.67%), FMO (Netherlands, 21.67%), KfW (Germany, 12.98%), Swedfund (Sweden, 11.64%), ShoreCap International (U.S., 4.07%), ShoreBank International (U.S., 1.82%).

Now the main shareholder is Getin Holding S.A. About 4.5% of shares are owned by the Bank itself. The Bank specializes in lending to private commercial organizations, independent entrepreneurs and founders of legal entities.

The reports about the possible sale of the Belarusian Bank for Small Business appeared in July this year. In the summer Getin Holding S.A. entered into a preliminary agreement to acquire the Belarusian Bank for Small Business with the major shareholders of the Bank. The transaction was endorsed by the National Bank of Belarus and the antimonopoly authority of the Economy Ministry of Belarus.

Through the acquisition of the Belarusian Bank for Small Business Getin Holding S.A. expects to increase its presence on the Belarusian lending market for small and medium business. Getin Holding S.A. already owns the Idea Bank (formerly Sombelbank).