BZ WBK to buy Deutsche Bank’s Polish assets for PLN 1.3 bln

WSE-listed lender BZ WBK has signed a deal to buy Deutsche Bank’s Polish assets for PLN 1.29 billion. The deal will not cover DB’s FX mortgage portfolio as well as corporate and investment banking operations and its retained cost base. BZ WBK will pay 20 percent in cash and 80 percent in new shares. Some 2.75 million new shares will be issued, representing a 2.7 percent stake in BZ WBK. The transaction is to be closed by end-2018. According to BZ WBK’ CEO, Michał Gajewski, the bank is open to further acquisitions. “I have always said that our strategy is the strategy of organic growth but if attractive opportunities appear we will always analyze it,” he said.