French banking major BNP Paribas has completed the purchase of Poland’s Bank BGZ from Rabobank for approximately $1.39bn.
Further to the agreement reached in December last, BNP Paribas will finalise the acquisition of 41.76 million shares of Bank BGZ subscribed by Rabobank to the tender offer, representing 74.39 % of the share capital of Bank BGZ.
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Following completion of the tender offer, BNP Paribas should hold between 88.64% and 90% of Bank BG? while Rabobank will retain a stake of just a below 10%.
Poland’s financial watchdog KNF approved the acquisition earlier this month.
BNP Paribas CEO Jean-Laurent Bonnafe said: "The acquisition of Bank BGZ is a crucial strategic move for our group. Once the merger with BNP Paribas Bank Polska has been approved and completed, the new entity will bring together the strengths of our international banking group and the expertise of a high quality Polish bank specialised in the agri-food sector and with a national network and an expertise in digital banking.
"This strong base which we intend to continue to develop will make us a significant player in the Polish market."
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