Link Securities | Banco Santander (SAN) and Erste Group Bank announced the closing of the sale of Santander Bank Polska, according to Bolsamanía on Friday.
Erste has acquired 49% of the share capital of Santander Bank Polska and a 50% stake in the asset management business in Poland (TFI) that Santander Bank Polska did not control, for a total cash amount of approximately €7 billion.
The transaction was announced in May 2025 and has been completed as planned, once the relevant regulatory approvals were obtained. Paid entirely in cash at a price of PLN 584 per share, the transaction values the bank at 2.2 times its tangible book value per share in Q1 2025 and represents a premium of 7.5% over Santander Bank Polska’s closing price on 2 May 2025, excluding the dividend paid in May 2025.
The transaction generates a net capital gain of approximately €1.9 billion for Banco Santander, increasing its CET1 capital ratio by around 95 basis points, equivalent to approximately €6 billion. The financial impact of this transaction, both on results and capital, will be recorded in Q1 2026.
