Polish Getin Holding Finalizes $36.5 million Sale of Idea Bank to Ukrainian TAS Group

Polish financial group Getin Holding has completed the sale of Ukrainian Idea Bank for $36.5 million. The buyer is Alkemi Limited, a Cyprus-registered company belonging to Ukrainian entrepreneur Serhiy Tihipkoʼs TAS Group, Getin Holding reported.

On April 23, Getin Holding transferred 100% of Idea Bank – 323 million shares – to Alkemi Limited. The transaction follows an agreement signed on Oct. 18, 2024. The parties changed the deal terms several times, up until one day before closing.

In October, the National Bank of Ukraine (NBU) – Ukraine’s central bank – forced Getin Holding, to sell Idea Bank because owner Leszek Czarnecki became the subject of a criminal investigation in Poland, Kyiv Post previously wrote.

The company also received nearly $194,000 as a bonus – payment for the exclusive right of Alkemi Limited to negotiate the purchase of the bank. This payment was formalized in an agreement on April 22, Getin Holding reported.

Getin Holding returned the funds it had deposited in Idea Bank – Hr.30 million ($326,400). The deal to transfer the rights to these funds was signed under a separate agreement on the day of the sale closure.

About Idea Bank

Idea Bank was one of the first commercial banks in Ukraine and received its banking license in 1996, according to records from the NBU. Getin Holding purchased the bank in the 2000s, making it part of the group.

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At the end of 2024, Idea Bank ranked 28th in assets (Hr.12 billion, $283.3 million) according to NBU statistics. Its net profits rank 19th in the list, comprising Hr. 644.7 million ($15.2 million).

The bank is known for its consumer loans (small loans individuals can borrow before they get their next wage) and is not alone in this niche.

A banking sector source close to the 2024 deal who asked to remain anonymous told Kyiv Post in October that the bank works with riskier clients and does so confidently, though specific details cannot be disclosed due to their sensitivity.

“The bank is successful in its niche and successfully competes in the riskier segment of retail lending,” the source said.

Alleged fraud charges against Getin Holdings owner

Poland began an investigation against Getin Holding’s owner Leszek Czarnecki, Poland’s richest man, in 2008. He became an object of charges from law enforcement for alleged fraud relating to 130m zloty (£32.2 million) of customers’ money in Idea Bank Poland, Polish media reported.

Czarnecki lost both Idea Bank and Poland’s tenth biggest bank Getin Noble Bank (GNB), as they were both placed to the state bank guarantee fund due to lack of capital.

Czarnecki left Poland and is now hiding abroad, Polish media wrote.

New owners of Idea Bank – TAS Group and Serhiy Tigipko

Owner of Ukrainian TAS Group, Serhii Tihipko, is the founder of Ukraine’s largest bank Privatbank, but he later sold it to Dnipro-based oligarch Ihor Kolomoisky. He founded TAS Group that includes various businesses in the financial sector: B2B bank TASkombank, retail Gen Z digital bank Monobank, leading car insurance company TAS, along with agricultural and logistics companies.

TAS Group manages a factory that produces cargo wagons and also became a sandbox for digital banks, from which neobanks Sportbank and Izibank were founded.

Tihipko dabbled in politics as a lawmaker during the time of Ukraine’s ex-president Viktor Yanukovich, who fled the country following the Maidan Revolution in 2014, Tihipko is now focused on business and his strategy is “invest in Ukraine and sell abroad.”

The company’s portfolio includes an agricultural holding with 80,000 hectares of land and 11 factories in various industries. These include manufacturing wagons for European railways together with Austrian heavy industry giant Voestalpine.

Idea Bank is a potential tool to earn on retail lending. The Polish investigation may have even helped to finish such a long-awaited deal for Ukraine’s market.

“Ukrainian Idea Bank was not affected by the problems surrounding its shareholder,” ICU financial analyst Mykhailo Demkiv told Kyiv Post in October.  “The bank has a transparent business model and is profitable,” he added.