As a result of the transaction, Polbank is expected to become a separate corporate legal entity and a licensed bank. Polbank is operated by the European banking group EFG Eurobank Ergasias in Poland.
Concurrently, Eurobank EFG and RBI are expected to transfer their shareholdings in Polbank, 30 per cent and 70 per cent, respectively, to Raiffeisen Bank Polska (RBPL) in exchange for new shares in RBPL. As a result, Eurobank EFG is expected to become a 13 per cent shareholder in RBPL next to RBI.
The acquisition is subject to the approval of the EU, Greek and Polish regulatory authorities. The transaction is expected to close by the end of Q4 2011 or Q1 2012.
Polbank counts a nationwide network of 350 business outlets and serves around 800,000 customers.
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