Biznes Fakty
Erste Group to buy 49 percent in Santander Bank Polska
Erste Group has finalized a deal to acquire 49% of Santander Bank Polska and 50% of Santander TFI for a total of EUR 7 billion, as stated by Erste. The acquisition is anticipated to be completed by the conclusion of 2025.
As per the announcement, an agreement was made to purchase shares in Santander Bank Polska for cash at PLN 584 per share (approximately totaling EUR 6.8 billion) and 50% of shares in Santander Towarzystwo Funduszy Inwestycyjnych for around EUR 0.2 billion from Santander Group. This results in a total of EUR 7 billion.
At approximately 9:05, the shares of Santander Bank Polska experienced a decline of roughly 3.5 percent.
Prior to completing the intended acquisition, Santander Group plans to obtain a 60% stake in Santander Consumer Bank, which is currently owned by Santander Bank Polska, aiming for complete ownership of that entity.
Post-transaction, Santander Bank Polska is projected to have more than EUR 37 billion in net loans, over EUR 50 billion in customer deposits, and around EUR 67 billion in assets based on pro forma figures as of December 2024.
„Erste Group aims to acquire 49% of ordinary shares of Santander Bank Polska from Santander Group for cash valued at PLN 584 per share, which will position Erste Group as the largest single shareholder of the bank,” the statement indicates.
The group will assume control
„The proposed acquisition of 49% of shares will afford Erste Group de facto control over Santander Bank Polska, establishing it as the largest single shareholder with the authority to appoint supervisory board members and, via its representatives on the supervisory board, members of the management board. This would also facilitate the full consolidation of Santander Bank Polska within Erste Group following the transaction’s conclusion,” it further elaborated.
The completion of the transaction is contingent upon standard regulatory approvals, notably from the Polish Financial Supervision Authority (KNF) and antitrust clearance from the European Commission.
Erste anticipates that the acquisition will finalize by the end of 2025, pending regulatory approvals and other preliminary conditions, including the successful sale of Santander Consumer Bank to Santander Group.
At the end of April, initial reports emerged that Erste Group Bank was engaged in discussions regarding the purchase of 49% of Santander Bank Polska shares. Furthermore, during the Q1 earnings conference, Erste Group CEO Peter Bosek reportedly mentioned that the acquisition of 49% of Santander shares was not guaranteed.
As noted on the Santander Bank Polska website, the current majority stakeholder in the bank is Banco Santander, which holds 62.2% of the shares. Additionally, Nationale-Nederlanden OFE possesses 5.01%, while other shareholders control 32.79%.
