BNP Paribas Group has completed the acquisition of the core banking operations of Raiffeisen Bank Polska from Raiffeisen Bank International.
Under the agreement, the acquired operations have merged with BNP Paribas’ Polish subsidiary BGZ BNP Paribas.
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The transaction, valued at PLN3.25bn ($858.7m), was first announced in April this year.
At the end of 2017, corporate and retail gross loans of the core banking business were PLN19bn while customer deposits were PLN34bn.
The deal excludes the foreign currency retail mortgage loan portfolio and certain other assets.
Commenting on the deal, BNP Paribas said: “Thanks to the complementarity of the activities of the two banks, the transaction further strengthens BGZ BNP Paribas’ position as the #6 bank in the Polish market with an over 6% pro forma market share in loans and deposits at end 2017.
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By GlobalData“The expertise of the teams of the Core Bank, in particular in SME, Corporate banking and Factoring, in affluent/private banking, as well as its retail network, reinforce the role of BGZ BNP Paribas as a key player in the Polish banking sector and its ability to support the growth of the Polish economy.”
BNP Paribas said that the acquisition will reduce its group CET1 ratio by 10 basis points in the final quarter of this year.
