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Polish regulator clears purchase of Deutsche Bank Polska assets by BZ WBK

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Polish regulator clears purchase of Deutsche Bank Polska assets by BZ WBK

The Polish Financial Supervision Authority allowed Bank Zachodni WBK SA to acquire the demerged part of Deutsche Bank Polska SA's operations.

The regulator expects the acquisition of Deutsche Bank Polska shares by BZ WBK to take place by Dec. 31, the latter lender said May 30.

Banco Santander SA's Polish unit agreed in December 2017 to acquire part of Deutsche Bank Polska's business from Deutsche Bank AG for an estimated total consideration of €305 million. The purchase includes Deutsche Bank Polska's retail, private banking and small and medium-sized enterprise business, as well as a 100% stake in brokerage house DB Securities.

The deal was approved by the Polish Office of Competition and Consumer Protection in March.