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Santander completes €4bn takeover of BZ WBK


Santander, the biggest financial services group in the eurozone, has completed the acquisition of BZ WBK, Poland’s number three bank by branch network and profits, following a successful public bid for the company that left it with nearly 100% of its shares. According to the Warsaw Stock Exchange, the transaction was worth PLN 15.9bn (approx. €4bn).

Earlier this year Santander received anti-trust clearance for a deal to buy just over 70% of shares in BZ WBK from Allied Irish Banks (AIB) for €2.9bn. The public bid, which closed on 25 March, was backed by most minority shareholders and gave Santander 96% of shares in BZ WBK.

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