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Shareholders Approve BZ WBK's Takeover of Kredyt Bank

By Patryk Wasilewski WARSAW--Shareholders approved Bank Zachodni WBK SA's (BZW.WA) takeover of smaller rival Kredyt Bank SA (KRB.WA) that will create Poland's third-largest bank by assets, to be controlled by Spain's Banco Santander SA (SAN.MC), BZ WBK and Kredyt Bank said Monday. Santander in February agreed with Belgian KBC Group NV (KBC.BT) to buy Kredyt Bank in an all-share deal valuing both banks at 21.5 billion zlotys ($6.4 billion) in a move to strengthen its position in one of Europe's fastest-growing economies. Santander will control 76.5% of the joint bank, and KBC will own 16.4%, which it plans on selling. KBC was hit hard by the 2008 financial crisis, and had to be bailed out with a 7 billion euro ($8.62 billion) cash infusion from Belgium's government and the regional Flemish government. As such, the European Union requires that the bank restructure and sell noncore assets. The deal, which needs to be approved by local financial regulator KNF, is expected to close later this year. One of the conditions put forward by the regulator is a dual listing of Santander shares in Poland. Write to Patryk Wasilewski at patryk.wasilewski@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Banco Santander Chile (SAN)
DateTimeHeadline
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07/10/201402:56:13CNP to Buy 51% Stake in Santander Consumer Finance's Insurance...
06/30/201403:36:34CNP, Banco Santander in Talks Over Consumer Finance Alliance
06/24/201412:00:06Correction to Fed Gives Four Banks Time to Resubmit Capital Plans...
06/23/201412:17:16EUROPE MARKETS: European Stocks Fall As U.K. Housing Plays Struggle
06/23/201405:31:03Santander to Buy Nordic Units of GE Money
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06/05/201421:55:20SocGen, Santander Weigh Link with Germany's Commerzbank -- Reports
06/02/201413:59:36King Juan Carlos' Abdication Leads to Debate on Spanish Monarchy
05/29/201416:05:50Providence, R.I., Files Federal Lawsuit Against Banco Santander--2nd...
05/29/201415:30:50Providence, R.I., Files Lawsuit Against Banco Santander
05/29/201415:24:15Providence, R.I., Files Federal Lawsuit Against Banco Santander--Update
05/08/201412:14:05EUROPE MARKETS: Draghi Comments Send European Stocks Higher
04/29/201418:06:12ADR Shares End Higher; ABB, Deutsche Bank and Banco Santander...
04/29/201410:24:15Santander Looks to Buy Rest of Brazil Unit in $6.5 Billion Deal...
04/29/201406:25:38Santander Looks to Buy Rest of Brazil Unit in $6.5 Billion Deal...
04/29/201404:31:58Santander Profit Rises
04/29/201403:36:38Poland's BZ WBK Net Profit Up 20% in 1Q at PLN449 Million

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