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Raffeisen’s takeover of Polbank approved


2012-04-20



The Financial Supervisory Commission (KNF) on 17 April gave the go-ahead for Austria’s Raiffeisen Bank International to acquire Polbank EFG, the Polish unit of Greek banking group Eurobank EFG. The deal, which will create the sixth-largest commercial banking group in Poland by assets, with a base of more than one million customers, is to be finalised by the end of June. In its statement, the Commission reveals that the Austrian group has obliged itself to float the merged bank on the Warsaw Stock Exchange (WSE) by mid-2016 at the latest.

The Polbank brand is likely to remain. The transaction was first announced in February 2011. Under it, Raiffeisen agreed to pay €490m for 70% of shares in Polbank, which will be merged into its Polish subsidiary, RBPL, with Eurobank taking up a 13% stake in the enlarged RBPL.



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