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Brussels approves Santander’s Kredyt Bank takeover


2012-07-25



The European Commission on 18 July announced that it has decided not to oppose the acquisition of Kredyt Bank by Spain’s Banco Santander, and its subsequent merger with Bank Zachodni WBK, having concluded that the deal is compatible with the internal market and with the European Economic Area Agreement.

The transaction, first announced on 28 February, creates the third largest bank in Poland by deposits, loans, branches and profit. The combined entity will have nearly 900 branches, i.e. 12.9% of the country’s total; more than 3.5 million retail customers; and a market share of 9.6% in deposits and 8% in loans. Santander will own 76.5% of the merged bank and KBC of Belgium, the current owner of Kredyt Bank, 16.4%. It is expected to be finalised in the second half of 2012.



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