Erste buys 49% stake in Poland’s third-largest bank for nearly EUR 7 billion
Austrian group Erste is acquiring a controlling stake (49%) in Polish bank Santander Bank Polska and a 50% stake in investment company Santander TFI (Towarzystwo Funduszy Inwestycyjnych) from Spanish bank Santander. Erste announced this on its website on Monday, May 5.
The deal amounts to 7 billion euros, of which 6.8 billion is for the bank itself, while 0.2 billion is for Santander TFI.
Erste Group said the acquisition will enable it to enter the promising Polish market and strengthen its position as a leading bank in Central and Eastern Europe.
The transaction is expected to close by the end of 2025, subject to regulatory approval.
Santander Bank Polska is the third-largest bank in Poland.
Although Erste will not hold a majority stake, it will become the largest shareholder, effectively gaining significant influence over the bank.
The deal is one of the largest in the European banking sector in recent years, according to Bloomberg.
Erste serves more than 16 million customers across seven European countries. Following the acquisition, its combined customer base will grow to around 23 million.
- From 2006 to 2013, Erste Group owned Erste Bank in Ukraine. In December 2012, the Austrians decided to sell it to businessman Alexander Adarich, who later merged it with Fidobank. A few years afterward, the merged institution went bankrupt.