Santander to Acquire Deutsche Bank's Polish Retail Banking Business for EUR305 Million
December 14 2017 - 3:47AM
Dow Jones News
By Marc Bisbal Arias
Banco Santander SA (SAN.MC) and its Polish subsidiary Bank
Zachodni WBK (BZW.WA) said Thursday that they have agreed to
acquire Deutsche Bank Polska SA and DB Securities SA Poland from
Deutsche Bank (DBK.XE) for 305 million euros ($360.5 million).
The acquisition is expected to close by the end of next year and
is subject to regulatory approval.
Santander said the deal includes Deutsche Bank's retail and
private-banking business in Poland, its small-and-medium enterprise
business, asset-management arm and sales network--with 113 branches
and about 1,500 employees. The acquired business has EUR4.4 billion
in assets, with total loans of EUR4.3 billion and customer deposits
of EUR2.51 billion as of June 30.
The deal doesn't include Deutsche Bank Polska's foreign-currency
mortgage, Santander said.
"We have an outstanding business in Poland with the best mobile
banking platform in the country," Santander Chairman Ana Botin
said, adding that the Polish economy has been among the strongest
in Europe and the bank sees significant potential to grow its
business further in the coming years.
In a separate release, Deutsche Bank said that the transaction
is in line with its effort to sharpen its focus and reduce
complexity. It also said that it will continue to provide banking
services to Polish and international corporate clients, financial
institutions and government agencies.
Banco Santander expects the deal to deliver a return on
investment of 15% by 2021 and have a positive impact on its
earnings per share, with no material impact on its capital
ratios.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
December 14, 2017 03:32 ET (08:32 GMT)
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