Santander to sell around a 3.5% stake in Polish unit for $473m

Spanish lender Santander is readying to merchantability astir a 3.5% involvement successful its Polish subsidiary Santander Polska done an accelerated bookbuild process.

This transaction is valued astatine up to $473m, according to a Reuters report.

It follows an statement successful May this twelvemonth to merchantability a 49% involvement successful its Santander Polska to Erste Group Bank for up to €6.8bn ($7.90bn).

The involvement merchantability to Erste volition permission Santander with astir 13% ownership successful Santander Polska and afloat ownership of Santander Consumer Bank Polska.

Santander plans for and accelerated placement of 3,576,626 mean shares of its Polish portion astatine 482 zlotys ($132.33) per share, retaining astir a 9.7% involvement aft completion.

The remaining shares successful its subsidiary volition beryllium taxable to a 90-day post-closing lock-up period.

Santander said it volition proceed operating successful the Polish marketplace done Santander Consumer.

Citigroup Global Markets Europe and Goldman Sachs Bank Europe are serving arsenic associated planetary coordinators and associated bookrunners for the shareholders.

BofA Securities Europe is acting arsenic associated planetary coordinator and associated bookrunner for Santander, portion Bank Handlowy w Warszawie and Santander Brokerage Poland are serving arsenic associated planetary coordinators and associated bookrunners for shareholders.

In summation to involvement sale, Santander and Erste besides announced a strategical practice to leverage each other’s strengths and acquisition successful firm and concern banking.

As portion of this partnership, Erste volition summation entree to Santander’s planetary payments platforms.

In June this year, Santander Bank signed an statement to divest 7 branches successful Pennsylvania, the US, to Community Financial System’s subsidiary Community Bank.

The merchantability of its branches was driven by its translation into a national, digital-first bank.

In October, Santander announced the merger of its Santander Consumer Finance (SCF) with Openbank to make a azygous ineligible entity, operating nether the Openbank brand.

Openbank and SCF are portion of Santander’s Digital Consumer Bank (DCB) planetary business, and the determination aims to streamline the company’s user concern operations successful Europe.

"Santander to merchantability astir a 3.5% involvement successful Polish portion for $473m" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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