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Belgian financial group KBC and Spain's top lender Banco Santander have agreed to merge their Polish units Bank Zachodni WBK and Kredyt Bank, creating a combined bank worth 5 billion euros, the pair said on Tuesday.
KBC, which took 7 billion euros from Belgium and the region of Flanders during the 2008-09 financial crisis, will initially hold a 16.4 percent stake in the merged bank, with Santander holding 76.5 percent. Other minority investors will hold the remaining 7.1 percent. KBC said it will divest its stake over time.
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