Eurobank EFG joins with RBI
Eurobank EFG has announced plans to combine its Polish business with that of Raiffeisen Bank International.
Greek bank Eurobank EFG has revealed it is set to combine its Polish operations with those of Raiffeisen Bank International (RBI).
The outcome of what appears to have been successful negotiation strategies will see the Polish business be incorporated as a separate bank with its own banking licence.
RBI - which is based in Austria - will then acquire 70 per cent of the operation for €490 million (£413 million).
The two banks' Polish units will be brought together in a deal that will see RBI have an 87 per cent stake of the combined business, with Eurobank EFG keeping 13 per cent.
"We are pleased to have found a very good partner for our Polish operations," said Nicholas Nanopoulos, chief executive of Eurobank EFG.
He added: "We continue to believe that there is tremendous potential for further growth in the Polish market."
Eurobank EFG operates in Bulgaria, Serbia, Romania, Turkey, Ukraine, the UK, Luxembourg and Cyprus in addition to Greece and Poland. RBI also has a presence in central and eastern Europe.