Renta 4 | Banco Santander has carried out an accelerated placement of 3.5% of its subsidiary Santander Bank Polska. The placement price was PLN 482 per share (€113.9/share), representing a 6% discount on yesterday’s closing price and valuing the transaction at €407 million.
Following the settlement of the placement and after the completion of the sale of 49% of Santander Bank Polska to Erste Group Bank, Santander will hold a 9.7% stake in its Polish subsidiary. The remaining shares in Santander Bank Polska held by Santander will be subject to a 90-day lock-up period after closing. This lock-up will in turn allow the transaction with Erste to be completed.
