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KBC, Santander merge Polish units

Source: Reuters - Tue 28th Feb 2012
KBC, Santander merge Polish units

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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