The conclusion of a subsidy agreement
01.01.2021 - Report 1/2021: The conclusion of a subsidy agreement in connection with the acquisition by Bank Polska Kasa Opieki S.A. of the enterprise and the liabilities of Idea Bank S.A. as a result of application of the resolution tool
Legal basis: Article 17(1) of the MAR - inside information
In reference to current reports No. 50/2020 and No. 51/2020 of 31 December 2020, Bank Polska Kasa Opieki S.A. (the "Bank") hereby informs that, in connection with the acceptance on 31 December 2020 of a binding offer submitted by the Bank on 21 December 2020 for the acquisition of the assets and rights of Idea Bank S.A. constituting an enterprise within the meaning of Article 551 of the Civil Code of 23 April 1964 and the liabilities of Idea Bank S.A. excluding certain assets, rights and liabilities (the "Acquired Business"), following the application by the BGF of a resolution tool, as referred to in Article 174(1)(1) and 174(1)(2) of the Act of 10 June 2016 on the Bank Guarantee Fund, the Deposit Guarantee Scheme and the Resolution (the "Binding Offer"), on 1 January 2021, a subsidy agreement was concluded between the Bank and the BGF (the "Subsidy Agreement").
Pursuant to the Subsidy Agreement, the BGF will provide the Bank with a subsidy of PLN 193,000,000 (one hundred and ninety-three million PLN) to cover the difference between the value of the liabilities of Idea Bank S.A. being assumed and the value of the acquired assets and rights of Idea Bank S.A.
The Subsidy agreement will come into force as of the Acquisition Date.
In view of the above, all the conditions provided in the Binding Offer, following the satisfaction of which the Bank agreed to acquire the Acquired Business, have been satisfied.