Bank Zachodni WBK gets €63 mln from Visa deal
14:52
Bank Zachodni WBK, a unit of Spanish Santander, will receive €46.7 million (PLN 205.6 million) in cash and €16 million (PLN 70.4 million) in Visa Inc. shares in exchange for its stake in Visa Europe, the bank informed in a market filing.
The provisions of the transaction are expected to be completed in the second quarter of 2016.
In November last year, Visa Inc. and Visa Europe announced the final deal on the merging of the two organizations into one global company. The total cost of transaction amounts to $23.3 billion (PLN 91.2 billion).
Bank Zachodni WBK (BZ WBK) is the third largest bank in Poland in terms of asset value and number of outlets. In 2015, the bank recorded a profit of PLN 2.32 billion.
