BNP Paribas Acquires BG¯ from Rabobank
December 19, 2013
BNP Paribas Group and Rabobank Group have announced that they have reached an agreement for the transfer to BNP Paribas of a 98.5-percent stake held by Rabobank in Bank Gospodarki ¯ywno¶ciowej (Bank BG¯) for zl.4.2 billion (around 1 billion euros).
Berry Marttin, a member of the executive board of Rabobank, said, “We’re pleased that a strong and renowned bank, BNP Paribas, will be able to reinforce Bank BG¯’s established position as a universal commercial bank. It was very important for Rabobank to find a respectable partner, who can further develop Bank BG¯’s ambitions.”
Jean-Laurent Bonnafé, CEO of BNP Paribas Group, said that the acquisition of Bank BG¯ “constitutes a major step towards attaining a critical size in Poland.” He added that “the transaction will establish the BNP Paribas Group as a reference player in Poland’s banking sector.”
Stefaan Decraene, head of BNP Paribas International Retail Banking and a member of the BNP Paribas Executive Committee, said, “We are convinced that the combination of Bank BG¯’s expertise, notably in the agri & food business and in e-banking, with the existing operations of BNP Paribas Bank Polska will create a unique player among Polish banks with significant growth prospects.”
The completion of the transaction is subject to the execution of the final documentation and to regulatory approval.