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Santander acquires KBC’s Zagiel consumer finance unit


KBC, the Belgian banking group, on 31 July closed the sale of 100% of shares in Zagiel, its consumer finance business in Poland, to Spain’s Santander Group, in a deal worth PLN 10m (approx. €2.4m).

The transaction is part of a wider investment agreement signed by the parties in February 2012, whose main element was the acquisition by Banco Santander of KBC-owned Kredyt Bank and its subsequent merger with Santander’s Bank Zachodni WBK. (That transaction, which creates the third largest bank in Poland by deposits, loans, branches and profit, was approved by the European Commission on 18 July).

Zagiel is one of the most experienced financial intermediaries in Poland, marketing products such as point-of-sale installment loans, cash loans and credit cards through an extensive distribution network consisting of points of sale, tied agent credit points, and independent brokers.

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