EBRD to invest EUR 80mn to create the 3rd largest bank in Poland.

By bne IntelliNews March 30, 2012
The European Bank for Reconstruction and Development (EBRD) is investing PLN 332mn (EUR 80mn) equity in Bank Zachodni WBK by subscribing for new shares in BZ WBK in a private placement transaction, according to EBRD's press release. This investment will back the proposed merger of BZ WBK, a subsidiary of Banco Santander, and Kredyt Bank - a medium-sized Polish bank currently majority-owned by the Belgian KBC Group, it explained. The equity investment follows earlier financial support granted by the EBRD to BZ WBK in the form of loans and credit lines totaling EUR 165mn, including the subordinated eurobond of EUR 100mn issued to the EBRD in 2010. In 2011, EBRD invested almost EUR 900mn in 21 projects in Poland. Poland is the fourth biggest country of the EBRD's operations in terms of investment volume.
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