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Santander to buy Deutsche Bank retail business for EUR305m

BBR Staff Writer Published 15 December 2017

Banco Santander, along with its Polish subsidiary Bank Zachodni WBK, has agreed to buy Deutsche Bank’s retail and private banking businesses in Poland for €305m.

The divested portfolio includes Deutsche Bank Polska’s retail and private banking business, SME business, asset management arm and sales networks with 113 branches and over 1,500 employees.

The acquisition will expand Bank Zachodni’s operations in Poland with 6.8 million customers, market share of over 11.7% in loans and 11% in deposits.

As of June 2017, the divested business had EUR4,350m in assets, EUR4,300m loans and EUR2.505m customer deposits.

The integrated bank will comprise around EUR39.8bn total assets, EUR30.3bn loans and EUR28.3bn customer deposits.

Banco Santander executive chairman Ana Botín said: “The Polish economy has been among the strongest in Europe and we see significant potential to grow our business further in the coming years. 

“The acquisition enhances our position in important customer segments, such as private banking and SMEs, while also delivering strong returns for our shareholders.”

In June this year, Banco Santander also acquired Banco Popular through a successful bid in an auction held by the Single Resolution Board and Fund for Orderly Bank Restructuring.

Banco Popular, which was on the verge of collapse, was bought by Santander for a nominal sum of EUR1. Without any support from taxpayer money, Banco Popular’s resolution will be concluded as a result of its acquisition.

Subject to regulatory and other approvals, the deal is expected to complete by the end of 2018.

Image: Headquarter of Deutsche Bank in Frankfurt, Germany. Photo: courtesy of Raimond Spekking.