EFG Eurobank Ergasias has agreed to form a partnership with Raiffeisen Bank International AG in relation to their Polish operations.
The terms of the transaction envisage RBI acquiring 70% of Polbank EFG for an upfront cash consideration of €490 million, following the incorporation of Eurobank EFG’s branch business as a separate bank with a full Polish banking license, according to an announcement.
Subsequently, RBI and Eurobank EFG shall bring together their Polish banking businesses with RBI controlling 87% of the combined group and Eurobank EFG retaining a 13% stake. The transaction is expected to close most likely in Q4 2011 following the completion of the incorporation of Polbank EFG and subsequent customary regulatory change of control approvals.
The operations of Eurobank EFG and RBI in Poland are highly complementary. Both organisations are well-known and respected, with leading customer-centric brands promising a strong partnership. RBI has been present in Poland since 1991 and is now the 5th largest corporate bank with over 240,000 total customers.
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