KBC Groep NV and Banco Santander SA have sold 16.2 percent and 5.2 percent stakes, respectively, in Bank Zachodni WBK. The banks sold 19.9 million shares at zł.245 each to financial investors in a transaction worth zł.4.89 billion.

Santander sold 5.2 percent of Bank Zachodni, cutting its stake to 70 percent, while KBC sold its entire share in the Polish bank.

Santander, which completed Bank Zachodni’s merger with KBC’s Kredyt Bank SA in January, is under pressure from Polish regulators to boost the proportion of Bank Zachodni shares available to other investors. The sale will increase the Polish bank’s free float to 30 percent.

Poland A.M.