Post a Comment Print Share on Facebook

Santander buys Deutsche Bank retail banking in Poland for 305 million

The Spanish bank places its Polish subsidiary as third financial institution of that market, with 6.8 million of customers

- 43 reads.

Santander buys Deutsche Bank retail banking in Poland for 305 million

Banco Santander and its subsidiary in Poland, Bank Zachodni WBK, have agreed to purchase retail and private banking business of Deutsche Bank Polska, excluding its portfolio of foreign currency mortgages and including shares of DB Securities, for a total amount Estimated of 305 million euros, as reported on Thursday entity.

The bank that chairs Ana Botin has emphasized that this operation will reinforce position of its Polish subsidiary as a third financial entity in Poland, with 6.8 million of customers and a market share of more than 11.7% in credits and 11% in deposits, and convert it "in ENT Leader of private banking in country. "

The acquisition includes business of commercial banking and private banking, SME activity of Deutsche Bank in Poland, its asset Management unit and its commercial network, with 113 branches and some 1,500 employees.

The acquired business presented at end of last June 4.35 billion euros in assets, 4.3 billion euros in loans and 2.505 billion euros in customer deposits. The resulting bank will have about 39.8 billion euros of total assets, 30.3 billion euros in credits and 28.3 billion euros in customer deposits.

"We have a large bank in Poland with best mobile banking platform in country. In recent years, Poland has stood out as one of fastest growing economies in Europe and we believe that we have potential to continue growing in country, "said president of Santander, Ana Botin.

Also, loot has highlighted that this acquisition reinforces position of bank in important business segments, such as private banking and SMEs, and will allow group to continue generating profitability for shareholders.

The transaction, subject to corresponding approvals, will close before end of 2018 and generate a profitability on investment of 15% in 2021, besides having a positive impact on profit per share (BPA) of Santander. Instead, it will not have a material effect on group's capital ratios.

Warning!

You have to login for comment. If you are not a member? Register now.

Login Sign Up