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Brussels OKs Raiffeisen takeover of Polbank


2011-07-01



The European Commission has given the go-ahead for Austria’s Raiffeisen Bank International to acquire Polbank EFG, the Polish unit of Greek banking group Eurobank EFG, in a deal that will create the sixth-largest commercial bank in Poland serving more than 1 million customers.

In February Raiffeisen agreed to pay €490m for 70% of shares in Polbank, which will be merged into its Polish subsidiary, RBPL. Eurobank will take up a 13% stake in the enlarged RBPL.

Raiffeisen believes there is an excellent strategic fit between the two firms. The Austrian group is focused on the SME sector and wealthier clients, whereas Polbank has a strong presence in Poland’s retail and consumer banking sector, with a network of more than 330 branches in attractive locations.



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