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Raiffeisen acquires Polbank


2011-02-04



Austria’s Raiffeisen Bank International has agreed to pay €490m for 70% of shares in Polbank EFG, the Polish unit of Greek banking group Eurobank EFG. Polbank will be merged into RBPL, Raiffeisen’s Polish subsidiary, in which Eurobank will take up a 13% stake. The combined entity will be the country’s sixth-largest commercial bank serving more than one million customers.

Eurobank said that by joining forces with Raiffeisen it will create one of the leading universal banks in a market that still has huge growth potential. It added that the new entity will continue to expand in all the areas in which both partners are present, as well as adding new services and growing its territorial coverage.

Raiffeisen stressed the excellent strategic fit between the two groups, as the Austrian group’s focus on the SME sector and wealthier clients will be complemented with Polbank’s strong presence in Poland’s retail and consumer banking sector, based on a network of more than 330 branches in attractive locations.

The transaction, which is subject to antitrust clearance, is expected to be finalised in the fourth quarter of the year.



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