Polish financial watchdog clears Erste Group’s purchase of Santander Bank Polska
Poland's financial market regulator KNF has unanimously found no grounds to object to the planned direct purchase by Erste Group of shares in Santander Bank Polska in the amount allowing Erste to execute over 1/3 of voting power in the Polish listed lender as well as to its intention to become Santander BP’s dominant entity, the KNF said in a statement.
The KNF also found no grounds to object to the planned direct purchase by Santander Consumer Finance of shares in Santander Consumer Bank in the amount resulting in surpassing the 50 percent threshold in voting power. It also issued a green light to the indirect purchase by Erste Group Bank AG of shares in the property and casualty insurer Santander Allianz TU in the amount ensuring the former exceeding 1/3 of voting power in the latter, as well as in the life insurer Santander Allianz TUnZ ensuring the same voting power.
The financial watchdog also found no grounds to object to the planned direct purchase by Erste Group Bank of shares in the mutual funds firm Santander TFI authorising the former to execute up to 50 percent of voting power and to become the dominant entity of the latter.
“While assessing Erste Group Bank AG’s warranty, the Commission took into consideration the investor’s financial strength, its hitherto experience in investments in the financial sector as well as investment obligations it had made,” the statement reads.
In assessing the transactions related to Santander Bank, Santander Allianz TU, Santander Allianz TUnZ and Santander TFI, the KNF took into consideration Erste Group Bank AG’s investment obligations in respect of, in particular, capital support, corporate governance and dividend policy, and in the case of Santander Bank - also in relation to its listing on the Warsaw Stock Exchange and retaining the level of free float, it added.
In early May, Erste Group signed an agreement on purchasing 49 shares in Santander Bank Polska and 50 percent in Santander TFI for a total of EUR 7 bln.
pel/ asa/ tom/