British private equity firm AnaCap Financial Partners has agreed to acquire FM Bank, a Poland-based retail and SME bank.

Under the terms of the deal, funds advised by AnaCap will acquire 100% of FM Bank, which has 50 branches across Poland.

The Polish bank has a net loan book of PLN1.8bn and PLN2.7bn of customer deposits.

Anacap in a statement said that, "FM Bank is an attractive platform to benefit from the strong fundamentals of the Polish market, a large, resilient growing country, which is still significantly underpenetrated in terms of banking services."

The acquisition will become AnaCap’s fourth portfolio company in the banking sector, joining Aldermore, which successfully floated on the London Stock Exchange in February 2015.

AnaCap managing director George Koulouris said: "We are delighted to have signed an agreement to acquire what is an established and scalable platform within one of the strongest banking markets in the EU in terms of resilience, profitability and growth potential.

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"FM Bank has achieved significant success in recent years, and we look forward to the opportunity to accelerate the growth of the business, with a particular emphasis on the micro/SME and consumer sectors, leveraging a cutting – edge mobile banking platform."