The agreement also targets a 50% stake in Santander Towarzystwo Funduszy Inwestycyjnych S.A. (Santander TFI) for approximately EUR200 million.
Santander Bank Polska is Poland’s third largest bank by assets, with a market share of over 8%, and also one of the most profitable in the country.
Santander TFI is an asset management company with EUR6 billion in assets under management as of December 2024.
“With the proposed acquisition of a controlling stake in Santander Bank Polska we are fulfilling a long-standing strategic goal: as the leading lender in Central and Eastern Europe we continue to broaden our presence in the region and expand into one of Europe’s most dynamic and profitable banking markets. Erste Group was founded with a clear purpose: to foster prosperity and financial health. Today’s announcement, including the new strategic cooperation we have inked with Santander Group to leverage our respective strengths for our clients across our key geographies, paves the way for us to help millions more people to prosper,” said Peter Bosek, Erste Group CEO.
By adding Santander Bank Polska to its footprint, Erste Group would increase its total client base by 36% to 23 million customers, and its CEE client base by 50% allowing it to reach 18 million customers outside Austria.