Annual report 2019

2.7. Sale of the organised part of the enterprise

On 28 June 2019, the Bank concluded a sale agreement with BGŻ BNP Paribas Faktoring sp.z o.o. with its registered office in Warsaw („Factoring Company”), a subsidiary of BNP Paribas S.A. with headquarters in Paris („BNP”). The sale agreement („Sale”, „Sale Agreement”) concerned the sale of an organized part of the Bank’s enterprise dedicated to factoring activities („Factoring Activity”, „ZORG”). Pursuant to the Sale Agreement, the Bank sold ZORG to the Factoring Company and transferred to the Factoring Company the assets and liabilities presented in the table below, with effect from 30 June 2019:

Assets 30.06.2019
Amounts due from banks 214,689
Loans and advances to customers measured at amortised cost 1,442,108
Other assets 1,377
Total assets 1,658,174
Amounts due to banks 1,635,798
Amounts due to customers 18,621
Other liabilities 3,755
Other liabilities 1,658,174


The value of net assets sold was zero, and the ZORG sale price recognized in the Bank’s gross financial result for the second quarter of 2019 was PLN 45,000 thousand („Sale Price”).

The Bank and the Factoring Company performed the final verification of the net values of transferred factoring receivables (after deduction due to the allowances created) for which customers’ consents were obtained as regards their transfer under ZORG in relation to the estimated value of net factoring receivables as at 30 June 2019, adopted for the preparation of the financial plan, which is the basis for the calculation of the Sale Price.

Difference of the above net value of factoring receivables amounted to 5.7%, which resulted in an analogous percentage adjustment of the Sale Price in the amount of PLN 2,565 thousand. The amount of the adjustment of the Sale Price was returned to the account of the Factoring Company on 26 July 2019 and recognized in the Group’s gross financial result in the month of settlement. The final ZORG Sale Price after adjustment was PLN 42,435 thousand and was reconized in other operating income.

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