Alior Bank sells Polbita

Alior Bank has signed a preliminary agreement to sell cosmetics retail chain Polbita to CEPD, a subsidiary of health care products distributor Pelion, the companies said in their respective statements. CEPD will provide PLN 10 million in financing for Polbita. Alior Bank and Erste Group Bank will provide up to PLN 150 million in debt financing. The deal is subject to approval from the Office of Competition and Consumer Protection. Alior Bank acquired Polbita in early 2013 after having financed its takeover by market peer Interchem in 2011. Polbita filed for bankruptcy in 2012, but the motion was rejected. In 2013 the retailer generated PLN 420 million in revenue.