Kiev. Ukraine. Ukraine Gate – January 12, 2021 – Economy
The financial condition of Idea Bank is satisfactory, and the volume of transactions of the financial institution with related parties, including with the Polish Idea Bank SA and the parent company Getin Holding SA, are extremely small.
“Idea Bank” is an independent legal entity, which operates in accordance with the legislation of Ukraine. The volumes of transactions with related parties, including the Polish financial group Getin Holding, are insignificant and amount to 0.06% of the bank’s regulatory capital, “the NBU said.
The National Bank clarified that as of January 4, 2021, the financial condition of Idea Bank is satisfactory, the bank fulfills all obligations to depositors and creditors.
The NBU noted that “Idea Bank” adheres to the economic standards established by the National Bank of Ukraine, in particular, as of January 4, the liquidity coverage ratio (LCRвв) of the bank was 447.31%, the liquidity coverage ratio for foreign currency (LCRвв) – 377 , 08%, with standard values not less than 100%.
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“These indicators indicate that the highly liquid assets of Idea Bank JSC significantly exceed the net expected cash outflow within 30 days”.
At the same time, the NBU added that they closely monitor the financial condition of the bank, monitor the business reputation and financial condition of the owners of significant participation in the bank and, if necessary, will take measures in accordance with current legislation.
In early January, the Polish authorities carried out a forced restructuring of the Polish bank Idea Bank SA, owned by Getin Holding, due to insufficient capital, transferring the financial institution to the second largest bank in the country, Bank Pekao SA
In June 2020, the investment company Dragon Capital terminated the deal with the Polish Getin Holding SA on the purchase of 100% of the shares of the Ukrainian Idea Bank. As explained in Dragon Capital, the commercial terms of the deal were not agreed within the timeframe stipulated by the agreement, including due to the economic crisis caused by the coronavirus pandemic.
Getin Holding entered the Ukrainian market back in 2007, when it bought 81.88% of Prykarpattya Bank for UAH 103 million. First, the institution was renamed into Plus Bank, then – Idea Bank, which is now 100% owned by a Polish company, the main owner of which is businessman Leszek Czarnecki.
“Idea Bank” (earlier – “Plus Bank”) was founded in 1989. According to the National Bank of Ukraine, as of October 1, 2020, in terms of total assets (UAH 8.06 billion), Idea Bank ranked 24th among 74 operating banks.
