Lombard loans in Poland.
Private credit against Poland-listed shares — pledged, not sold, with ownership retained.
A Lombard loan against Poland-listed shares is credit secured by a pledge of equity listed on the Warsaw. The holder pledges the shares as collateral, draws cash against a fraction of their market value, keeps beneficial ownership and dividends subject to structuring, and recovers the position in full on repayment.
- Lombard loans are arranged against shares listed on the Warsaw (GPW).
- The pledge is not a sale: ownership, dividends, and the upside stay with the holder.
- Loan-to-value is calibrated to the specific position, funded in PLN or cross-currency.
- Structured under the KNF regime, with disclosure from 5%.
Eligible collateral and venues
Lombard Financing arranges facilities against equity listed on the principal Poland venue: Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie) (GPW). Eligibility at the position level turns on the liquidity and free float of the specific line, its volatility, and the size of the holding relative to its typical traded volume — the same variables that drive the loan-to-value.
Regulator and disclosure
Shares listed in Poland are regulated by Komisja Nadzoru Finansowego (KNF). Substantial-shareholding disclosure is triggered from 5%, and a pledge over a large line is structured with that reporting regime in view so that the transaction remains discreet and compliant. Where a holding sits near a control or takeover threshold, the structure is arranged to avoid disturbing the position.
Funding, custody, and structuring
Facilities are typically arranged for a tenor of twelve to thirty-six months, funded in PLN or in another currency on a cross-currency basis. Throughout the facility the pledged shares are held by a qualified custodian under bankruptcy-remote arrangements, so the security is clean and the holder’s ownership is preserved. Non-recourse, limited-recourse, and full-recourse structures are available, and the choice interacts with the loan-to-value and the pricing.
| Listing venue(s) | Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie) (GPW) |
|---|---|
| Regulator | Komisja Nadzoru Finansowego (KNF) |
| Currency | PLN (cross-currency available) |
| Disclosure threshold | From 5% substantial-holding disclosure |
| Principal indices | WIG20, WIG40, WIG-Total |
| Indicative tenor | 12–36 months, renewable by agreement |
| Recourse | Non-recourse / limited-recourse / full-recourse |
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On this market, specifically.
Disclosure and regulation
Polish disclosure follows the Act on Public Offering, with notification to the KNF at 5% and then at 10, 15, 20, 25, 33, 50, 75 and 90%. A Lombard loan against a Warsaw-listed holding leaves ownership and the vote with the client, so the pledge itself does not cross these thresholds. The market carries a substantial state-owned-enterprise presence, where the government's block shapes the free float available to other holders. For a private client near a level, we structure the credit and its collateral terms so that enforcement would not force an unplanned filing or disturb the client's standing in the company.
An illustrative example
As an illustration, a founder holding PLN 80 million of a WIG20 constituent might draw a Lombard loan at 40% loan-to-value — a deliberately conservative point within our 20–65% range — releasing about PLN 32 million. Ownership stays with the client, dividends and voting rights continue, and no shares are sold. The advance can be drawn in złoty or in another currency where the client's commitments fall. The figures are rounded and hypothetical, meant to convey the shape of a facility rather than to indicate any rate or term.
Illustrative only — not an offer, a quotation, or a commitment to lend.