Poland's Getin Holding finds buyer for its Ukrainian-based Idea Bank

Polish-based Getin Holding S.A. has signed a letter of intent with a private equity fund that can buy the holding's Ukrainian-based assets, namely Idea Bank and New Finance Service LLC.

The fund will conduct a six-week due diligence study of the companies, and after its positive result, it will agree on the terms of the transaction under consideration, according to the Polish media.

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At the same time, Getin Holding agreed to provide the fund with exclusive rights to negotiate the sale of the assets for the period until January 1, 2020.

As reported, the closing date of the transaction is set for the first quarter of 2020.

At the same time, the letter of intent does not constitute an obligation of the parties to conclude the sale contract.

UNIAN memo. Idea Bank has been operating since 2007. The financial institution is part of Getin Holding S.A., one of the largest financial groups in Eastern and Central Europe.

New Finance Service LLC, owned by Getin Holding, was founded in 2017. The company lends money to individuals.