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The Warsaw Voice » Business » April 16, 2018
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Banking mega-deal "non-controversial"
April 16, 2018   
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Marek Chrzanowski
Plans by BGZ BNP Paribas to purchase select assets of Raiffeisen Bank Polska appear non-controversial to Poland's chief regulator at first sight, the head of Poland's financial market watchdog KNF, Marek Chrzanowski, told reporters Friday.
"The announcement of the deal for BNP Paribas to buy a portion of Raiffeisen Bank Polska's operations doesn't bear any controversy from my point of view," Chrzanowski told reporters. "But the relevant decisions will be taken by the full commission."
BGZ BNP Paribas, the WSE listed unit of the French banking group, will buy the core banking assets of Raiffeisen in Poland for ca. PLN 3.25 billion in a for-equity deal, sides said early Tuesday, April 10.
Raiffeisen has been under regulatory pressure to either float or sell the asset.
The deal brings in PLN 39.8 billion in assets from Raiffeisen's retail, corporate, private banking and SME businesses, including PLN 19.0 billion on the loan book. Gross loans are 64% corporate and SME, 23% consumer and 13% PLN mortgage, a presentation to the deal showed.
Sides will exclude the FX-mortgage book as well as wind farm and select other corporate exposures via demerger. Those assets will be held separately by Raiffeisen in Poland.
For the Polish buyer, the purchase is a for-equity deal which will be kicked off by their French parent. The French bank will take an estimated 45% stake in the Raiffeisen Polish unit.
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