Published: December 5, 2013
Polish bank snapped up for US$1.4bn.
BNP Paribas has acquired 98.5% of Poland’s Bank BGZ from Rabobank for PLN4.2bn (US$1.4bn). The transaction is subject to regulatory approval.
Bank BGZ is the 11th largest in Poland by assets. Although it is a universal bank, its traditional areas of focus are in the agriculture and food sectors. In selling its stake in the business, Rabobank exits the Polish market.
Jean-Laurent Bonnafe, CEO of BNP Paribas Group, said: “The acquisition of Bank BGŻ constitutes a major step towards attaining a critical size in Poland. The transaction will establish the BNP Paribas Group as a reference player in Poland’s banking sector.”
This transaction is expected to have a minor impact (around -15 basis points) on BNP Paribas’ Basel III tier 1 ratio and to have an immediate accretive effect on its net income per share.