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Santander Bank Polska proceeds with acquisition of Deutsche's Polish biz

Santander Bank Polska SA acquired 274,444,939 shares of Deutsche Bank Polska SA from Deutsche Bank AG for 257.96 million zlotys.

The purchase of the shares, equivalent to more than 10% of Deutsche Bank Polska's share capital, is part of a December 2017 deal under which Banco Santander SA's Polish unit agreed to acquire part of Deutsche Bank's local business. The acquired shares will cease to exist on the date of registration of Deutsche Bank Polska's share capital decrease in connection with the transaction, and Santander Bank Polska will not hold any Deutsche Bank Polska shares.

Under the December deal, Santander Bank Polska agreed to acquire an organized part of Deutsche Bank Polska's operations, including its retail and private banking businesses, small and medium-sized enterprise business, asset management unit and sales networks, for an estimated total consideration of €305 million. The parties agreed at the time that Santander Bank Polska would pay 80% of the agreed price in newly issued shares, representing around 2.7% of its share capital, and the remaining 20% would be settled in cash.

Santander said in its Oct. 8 filing that it expects to complete the entire transaction in the last quarter of 2018.

As of Oct. 8, US$1 was equivalent to 3.76 zlotys.