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BNP Paribas to takeover Bank BGŻ

6th December 2013
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BNP Paribas will pay z³.4.2 billion for BGŻ

BNP Paribas beat several other competitors for BGŻ stake
Kasia Marcinkiewicz/WBJ

French financial group BNP Paribas signed an agreement to buy 98.5 percent in Polish lender Bank Gospodarki Żywnoĥciowej from Dutch Rabobank for z³.4.2 billion, the banks said on Thursday.

The possible sale of Bank BGŻ had been the subject of media speculations since Rabobank announced in June that it would consider “various options” for the Polish unit. Santander, Bank Pekao (the Polish unit of UniCredit) and PZU were seen as other potential buyers.

The takeover is yet to be approved by regulatory authorities. One of them, the Polish Financial Supervision Authority (KNF), has already expressed concern with the deal.

“We will be verifying the reasons why Rabobank decided to change its strategy for its presence on the Polish market,” the watchdog said in a statement. Earlier this year, the KNF had signaled that in its opinion, there is no need for further consolidation in the Polish banking sector.

The biggest Dutch retail bank said in June it was reviewing its options for the BGŻ, but had not officially put the lender up for sale.

Poland A.M.

From Warsaw Business Journal

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