The National Bank of Ukraine (NBU) is giving Getin Holding six months to sell its 100% stake in the charter capital of Idea Bank (Lviv), the holding said in a statement on the Warsaw Stock Exchange on Thursday.

It states that on May 2, 2024, Getin Holding received a decision from the NBU Committee on Banking Supervision, Regulation, Payment System Monitoring (Oversight) dated April 29 of this year, requiring Getin Holding to alienate 323,072,875 shares of Idea Bank.

In addition, a similar demand was put forward in relation to the main owner of Getin Holding, Leszek Czarnecki, from whom the National Bank demanded to sell Getin Holding 145,318,179 shares, or 44.98% of Idea Bank, within six months, offering as an alternative to sell Czarnecki's share in Getin Holding or its LC Corp BV, which owns 34.17% in Getin Holding.

It is noted that the NBU established the term in pursuance of these requirements within six months from the date of entry into force of the resolution - April 29.

"The issuer's board reports that it is analyzing the legal consequences of the decision and the best actions to protect investments in IBU in accordance with current legislation," Getin Holding notes.

As reported, on March 27, 2023, the National Bank recognized the business reputation of both the Polish holding itself and its main owner Czarnecki as flawed. In this connection, in particular, the Ukrainian regulator temporarily deprived Getin Holding of the voting rights for 100% of the shares of Idea Bank and set a one-year period for the holding and Czarnecki to eliminate the violation, and a year later refused to return voting rights to the holding. In addition, the NBU approved President of the Polish-Ukrainian Chamber of Commerce Jacek Piechota the trustee of the Idea Bank.