Intesa Sanpaolo, BNP Paribas and Raiffeisen
have reportedly offered between between €600m ($818m) and €800m for
Polbank, the Polish-based subsidiary of Greece’s Eurobank EFG.
Eurobank said in early November it was
prepared to sell up to a majority stake in Polbank.
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HSBC and France’s Credit Mutuel had also been
linked with Polbank, with sources at Erste and UniCredit quick to
rule themselves out from making a possible bid.
Polbank was established in 2006 and has grown
quickly: it is now the 8th largest retail bank in
Poland, with a 4.4% retail lending market share and 335
branches.
In fiscal 2009, Polbank’s retail deposits grew
by more than 50% year-on-year to €2.7bn while total lending
increased by 11.6% to €4.6bn.
It remains loss making, having posted a net
loss in fiscal 2009 of €39.2bn.
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By GlobalDataIntesa Sanpaolo director general Marco Morelli
told the newspaper La Stampa on 13 November, that Intesa
was looking to grow its Polish business. In addition he said Intesa
would seek to increase its market share in Italian regions where it
is below 15%, such as Sicily.
