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Santander: buys Deutsche Bank's retail business in Poland.

(CercleFinance.com) - Banco Santander has agreed to buy Deutsche Bank's retail banking business in Poland for a total of 305 million euros, the Spanish bank said on Thursday.

In practice, Santander's Polish subsidiary, Bank Zachodni WBK, will acquire the retail and private banking businesses from Deutsche Bank Polska.

The acquisition will enhance BZ WBK's position as the third largest financial institution in Poland, with 6.8 million customers and market share of over 11.7% in loans and 11% in deposits, Santander said.

Furthermore, BZ WBK will become the leading private banking services provider in Poland.

The acquisition includes Deutsche Bank Polska's retail and private banking business, SME business, asset management arm, and sales networks, with 113 branches and approximately 1,500 employees.

The acquired business has 4.35 billion euros in assets, and total loans of 4.3 billion euros.

Based on current figures, the integrated bank will have total assets of approximately 39.8 billion euros, with 30.3 billion euros in loans and 28.3 billion euros in customer deposits.

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