The management boards of Bank Zachodni WBK SA and Deutsche Bank Polska SA agreed on the details of a demerger plan for the latter and will submit the plan to the Polish Financial Supervision Authority for approval.
The demerger of part of Deutsche Bank Polska's operations will precede the planned acquisition of those operations by Bank Zachodni WBK, as agreed with Deutsche Bank Polska's parent, Deutsche Bank AG, in December 2017. The transaction is expected to be completed in the fourth quarter.
Under the €305 million deal, Bank Zachodni will take over Deutsche Bank Polska's retail and private banking, small and medium-sized enterprise business, branch network, agents, intermediaries and vendors, as well as brokerage house DB Securities S.A.. The transaction will not include Deutsche Bank Polska's foreign currency-denominated mortgage portfolio, Bank Zachodni said Feb. 23.
Deutsche Bank will also keep its Polish corporate and investment banking businesses, including global transaction banking.
Bank Zachodni is a unit of Banco Santander SA.