BNP Paribas to buy Raiffeisen’s Polish core operations for EUR 775 mln

Georgiana Bendre 10/04/2018 | 16:08

BNP Paribas SA has agreed to acquire the core banking operations of Polish subsidiary of Raiffeisen Bank International AG for EUR 775 million (USD 953 million), in order to strengthen its subsidiary Bank BGZ BNP Paribas SA, according to MarketWatch.

The core banking operations, which will be combined with BNP’s Polish business Bank BGZ BNP Paribas, include Raiffeisen Bank Polska SA’s business, minus its foreign-currency retail-mortgage loan portfolio and some other assets, said BNP Paribas Tuesday.

BNP Paribas expects the deal to improve earnings per share by around 1 percent by 2020, it said.

The sale will reduce group profit for RBI by EUR120 million, excluding potential effects of deconsolidation, it said.

The deal is expected to close in the fourth quarter and is subject to regulatory approvals.

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