The Polish financial regulator KNF has granted the Austrian Erste Group Bank all regulatory approvals for the purchase of the controlling 49 percent stake in Santander Bank Polska and the 50 percent stake in Santander TFI.
According to Erste Group Bank, further conditions precedent, including EU antitrust approval and the completion of the sale of Santander Consumer Bank to Santander Group, have also been met, meaning that the transaction is expected to be completed in mid-January.
The Austrian Erste Group announced in May that it would buy the majority of two Polish Santander subsidiaries, including Poland’s third largest bank, from the Spanish Santander Group for 7 billion euros. In return, Banco Santander will receive 100 percent of the Polish Consumer Bank. The Austrian and Spanish banks had separately agreed on strategic cooperation in selected regions and business segments.
According to Erste Group, Santander Bank Polska is Poland’s third-largest bank by assets, with a market share of over 8 percent, and one of the most profitable banks in the country. Santander TFI managed assets (AUM) of 6 billion euros at the end of 2024. The acquisition of the majority in Santander Bank Polska gives Erste Group the necessary critical mass in Poland immediately upon entering the market. The credit volume in Central and Eastern Europe would increase to 131 billion euros from 94 billion euros at the end of December. The customer base would increase by 36 percent to around 23 million. Erste Group wants to finance the acquisition entirely from its own resources.
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