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Rymarz Zdort Advises Bank Guarantee Fund on Getin Noble Bank's Resolution Process

Rymarz Zdort Advises Bank Guarantee Fund on Getin Noble Bank's Resolution Process

Poland
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Rymarz Zdort has advised Poland's Bank Guarantee Fund on the resolution process of the Getin Noble Bank.

"The resolution process was implemented due to the threat of the bankruptcy of GNB," Rymarz Zdort informed. "As part of the resolution and in order to ensure uninterrupted service to customers, a selected business of GNB was transferred to a bridge institution, Bank BFG S.A. controlled by the BFG. In addition to the BFG, Bank BFG S.A. is co-owned by the Commercial Banks' Protection System (SOBK), which was established by the eight largest commercial banks operating in Poland."

According to the firm, "non-repayable support in the amount of PLN 10.34 billion was provided to conduct the restructuring process and ensure the security of client funds, with PLN 6.87 billion coming from the BFG's own funds and PLN 3.47 billion from funds provided by the SOBK."

The Rymarz Zdort team included Partners Magdalena Pyzik-Walag and Iwona Her, Counsels Katarzyna Lukaszewicz and Irmina Watly, Senior Associate Szymon Cieniawski, Associates Michal Burek, Hubert Derdowski, Magdalena Zukowska, and Kamil Klopocki, and Paralegals Karolina Jerzyk and Adam Drgas.

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