BNP Paribas Group has signed an agreement with Raiffeisen Bank International (RBI) to acquire core banking operations of Raiffeisen Bank Polska.

Under the terms of the acquisition, BNP Paribas will pay PLN3.2bn ($945m) as consideration along with an additional PLN50m for digitalisation investment projects.

The core bank operations of the bank include the business of Raiffeisen Bank Polska excluding the foreign currency retail mortgage loan portfolio and few other assets.

At the year-end 2017, the corporate and retail gross loans of the Raiffeisen Bank Polska totalled PLN19bn and customer deposits were PLN34bn (€8.1bn).

Following the acquisition, the core banking operations of Raiffeisen Bank Polska will be combined with the BNP Paribas’ polish subsidiary, BGZ BNP Paribas.

The transaction is expected to strengthen BGZ BNP Paribas’ position in the Polish market and improve the position of other BNP Paribas Group subsidiaries operating in Poland.

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It will also provide the clients of Raiffeisen Bank Polska access to the BNP Paribas international network and expertise.

BGZ BNP Paribas CEO Przemek Gdanski said: “This is an opportunity for us to create a Bank that is larger, more profitable and more effective, one that will fully respond to the growing needs of our clients.

“Raiffeisen Bank Polska is one of the pioneers of modern banking in Poland. I am glad that we will join forces and experiences, building an inspiring organisation that is open to development and collaboration.”

The transaction is expected to be completed in the fourth quarter of this year.