French bank BNP Paribas has signed an agreement to purchase 98.5% stake in Bank Gospodarki Żywnościowej in Poland from Rabobank Group, in a transaction valued at approximately PLN4.2bn (€1bn).
Pending execution of the final documentation, the completion of the transaction is expected to conclude after necessary regulatory approvals.
BNP Paribas Group CEO Jean-Laurent Bonnafé said that the acquisition will help to enhance the excellent work already being done by our teams at BNP Paribas Polska, who have been instrumental in the success of our subsidiary to date.
"The acquisition of Bank BGZ constitutes a major step towards attaining a critical size in Poland. The transaction will establish the BNP Paribas Group as a reference player in Poland’s banking sector," Bonnafé added.
BNP Paribas international retail banking and executive committee member Stefaan Decraene commented, "This transaction, bringing together two complementary entities, will strengthen the capacity of BNP Paribas to provide its Polish clients with a full range of services."
Operating in about 80 nations, BNP Paribas has a workforce of 190,000, including 145,000 in Europe.
Netherlands-based Rabobank Group provides retail banking, private banking, wholesale banking, leasing and real estate services.