Current report No. 1/2020
Decision on the launch of the Group Recovery Plan approved by KNF
Getin Noble Bank S.A. („Bank”, „Issuer”) hereby informs that today the Management Board of the Bank has decided to launch the Recovery Plan of Getin Noble Bank S.A. Group („Group Recovery Plan”) approved on 9 January 2020 by the Polish Financial Supervision Authority („KNF”) that replaces the “Plan for a sustainable improvement in profitability of Getin Noble Bank S.A. for 2017-2021. Update of the Recovery Program for 2016 – 2019” currently performed by the Issuer.
Recovery actions taken up by the Bank within the Group Recovery Plan aim at the recovery of the financial effectiveness of the Bank, its organic development and return to earlier sustainable profitability path. Moreover, the Bank indicates that considering the changing market conditions, the Bank shall take appropriate action to increase the capital ratio level.
The Bank assumes that the recovery actions taken up within the Group Recovery Plan in order to return to sustainable profitability and to reach required capital ratio levels shall be performed by the Bank until the end of 2024.
Notwithstanding the foregoing, the Bank does not exclude taking future actions to attract outside capital.
Legal basis: Article 17 of MAR – inside information