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Bank Millennium completes purchase of SocGen's Polish unit


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Bank Millennium completes purchase of SocGen's Polish unit

Bank Millennium SA said it completed the purchase of 99.79% of the share capital of Euro Bank SA from SG Financial Services Holding SAS, a part of French bank Société Générale SA, for a total consideration of 1.83 billion Polish zloty.

The transaction was completed after obtaining consent from the Office of Competition and Consumer Protection and clearance from the Polish Financial Supervision Authority, which confirmed there were no objections to the acquisition.

The purchase price is subject to an adjustment mechanism, which compares the final net asset value of Euro Bank calculated as of the closing date and the reference net asset value used as a basis for setting the price in the original share price agreement.

In addition, Bank Millennium repaid non-subordinated funding provided to Euro Bank by Société Générale of a total of 3.80 billion zloty. This payment was preceded by a repayment by Euro Bank of the subordinated loans provided by Société Générale in the amount of 250 million zloty.

Following the closing of the acquisition, Bank Millennium intends to merge Euro Bank into its structure following approval from regulatory bodies.

As of May 30, US$1 was equivalent to 3.85 Polish zloty.