Published: March 15, 2011
Polbank deal worth €490mn in cash.
Raiffeisen Bank International (RBI) is to strengthen its Polish operations after it agreed to buy 70% of Polbank EFG.
The Austrian banking group will pay €490mn in cash for a majority stake in the business following negotiations with EFG Eurobank Ergasias, which is headquarted in Greece.
Polbank’s strong retail focus will complement Raiffeisen Bank Polska’s corporate operations creating the sixth largest commercial bank in Poland in terms of assets and the fourth largest in the customer loan market.
The acquisition is subject to approval by the EU, Greek and Polish regulatory authorities and is expected to close in the final quarter of 2011 or in the opening three months of 2012.