Reuters: Deals: EBRD to invest $106 million in Santander's Polish deal

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EBRD to invest $106 million in Santander's Polish deal Mar 29th 2012, 16:38 WARSAW | Thu Mar 29, 2012 12:38pm EDT WARSAW (Reuters) - The European Bank for Reconstruction and Development (EBRD) EBRD.UL will invest 332 million zlotys ($106 million) in the Polish unit of Banco Santander (SAN.MC) as part of the unit's tie-up with smaller rival Kredyt Bank BKRE.WA. The EBRD will buy 1.56 million shares in the unit, Bank Zachodni WBK BZWB.WA, for 212.6 zlotys each, or 8.5 percent below BZ WBK's closing price on Thursday. The shares will be issued in a private placement, raising BZ WBK's capital by 2.14 percent. Last month, Spain's Santander said it was doubling its bet on Poland by taking over Kredyt Bank - a unit of Belgian lender KBC (KBC.BR) - and adding it to BZ WBK to create a business worth about 5 billion euros. The move confirms an earlier Reuters report that the EBRD would take part in the deal, which is to help Santander - the euro zone's largest lender - form Poland's No.3 player with 900 branches and 3.5 million clients. "EBRD will give strategic back-up in the process of merging BZ WBK and Kredyt Bank," BZ WBK chief executive Mateusz Morawiecki said in a statement on Thursday.

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