| Project Detail |
Location: Poland Project number: 40554 Business sector: Depository Credit (banks) Notice type: Private English-language PSD published: 02 Dec 2024 Project Description This PSD relates to a historical Bank project approved some years ago, and does not represent a new approval, or allocation of new funds. Disclosure of this PSD was deferred in accordance with the transparency framework in place at the time, but due to an administrative oversight, was not subsequently disclosed The EBRD, in 2009, approved currency basis swap to facilitate the merger of Getin Bank (Getin) and Noble Bank (Noble) – together the Company. The Bank participated in swaps between CHF and PLN for notional volume of CHF 500 million (PLN 1.5 billion), between EBRD and Getin Bank pre-merger, and between EBRD and the Company post-merger. It was expected that the transaction would enable the Company to focus its resources and management attention on developing new PLN based business. Project Objectives There was a mismatch between the Company’s loan book in foreign currency, and its funding in PLN, where there is limited access to CHF funding. To manage currency volatility in the year preceding the transaction, the Company had explored opportunities to reduce its exposure to currency swap markets, and resultant foreign currency risk exposure. |
