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Allied Irish sells Polish bank stake to Santander

Allied Irish sells Polish bank stake to Santander

Spain's Banco Santander has agreed to buy a majority stake in Poland's Bank Zachodni WBK from Allied Irish Banks for (EURO)2.9 billion ($3.7 billion).
The sale of the 70.36 percent stake will bolster Allied Irish's finances, hard hit by Ireland's economic slump and collapsed real estate market.
It is also part of Santander's recent expansion strategy.
Wroclaw-based Bank Zachodni is Poland's third-largest by net profit and branches, with 512 throughough Poland.


Updated : 2021-05-08 09:26 GMT+08:00