UOKiK approves Deutsche Bank Polska sale

The antitrust watchdog UOKiK approved the takeover of the Polish assets of Deutsche Bank by WSE-listed lender BZ WBK. Back in December BZ WBK has signed a deal to buy Deutsche Bank’s Polish assets for PLN 1.29 billion. The deal includes retail banking, private banking, business banking and DB Securities and 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 still needs to be approved by the Financial Supervision Authority KNF.