The Austrian bank will acquire a 49% stake in Santander Bank Polska SA for €6.8 billion and fully take over the management of the Spanish lender's assets in Poland for around €200 million, the two companies said on Monday.
The takeover allows Erste to consolidate its role as the largest lender in Central and Eastern Europe and fulfills CEO Peter Bosek’s promise to expand into Poland, less than a year after he took office. For Santander, under the leadership of chief executive Anna Botin, it is another step in a strategic shift from Europe to the Americas.
Santander will maintain its presence in Poland by buying a 60% stake in the local consumer unit Santander Consumer Bank Polska, owned by its Polish branch, giving it full ownership of the business. The Spanish bank will retain a 13% stake in Santander Bank Polska.
The transaction is expected to close in late 2025 and is estimated to generate a “net capital gain” of around €2 billion for Santander, the lender said in a statement.
Speaking to reporters on Monday, Erste's Bosek said buying just 49% of the Polish bank would allow Erste to take control without triggering a mandatory bid for the remaining shares. He did not rule out expanding the stake at a later stage, but said nothing was planned at the moment.
Source: Bloomberg
