Santander to sell stake in Polish units to Austria’s Erste Group for €7 billion

A record-breaking deal in Poland’s financial sector is expected to close by the end of 2025. It is reported by Upmp.news with reference to “Polskie Radio”.

Spanish banker Ana Botín, executive chair of Santander Group since 2014, confirmed via social media that Santander has agreed to sell 49% of its Polish banking subsidiary, Santander Bank Polska, and 50% of its Polish asset management arm to Austria’s Erste Group.

The total cash consideration for the deal is approximately €7 billion ($7.5 billion), pending regulatory approval. 

A landmark transaction in Poland’s financial sector, involving the country’s third-largest bank, is expected to be completed by the end of this year, according to the Polish daily Rzeczpospolita.

The report suggests that the Spanish bank is looking to sell its main assets in Poland as part of a strategy focused on expanding its presence in North and South America.

Austrian-based Erste Group, which currently serves 16 million customers across seven countries – Austria, the Czech Republic, Slovakia, Romania, Hungary, Croatia, and Serbia – is set to strengthen its position in the region with the acquisition.

(m p)

Source: IAR/Rzeczpospolita/X/@AnaBotin/@rzeczpospolita