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Spain's Santander close to buy Kredyt Bank, media sources say

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Date: 2012-02-09 08:25

Belgium's KBC Group is close to finalising long-running discussions to sell its Polish holding, Kredyt Bank to Spain's Banco Santander just after completing the sale of its Polish insurance unit, Reuters has reported, citing unofficial sources.


"Santander has polished up its offer and I would not be surprised if it were clinched within days," one of the sources said.

Already in late January, Belgian media reported that KBC is close to an agreement to sell the majority (80%) stake in Kredyt Bank - Poland's 7th biggest lender - mentioning Santander as the most likely candidate, which is in line with earlier unofficial information of Polish media.

In mid-October, daily Rzeczpospolita reported that Santander had filed the binding offer for Kredyt Bank.

In July, KBC Group received a green light from the European Commission to sell its 80% in Kredyt Bank and 100% in insurer TUiR Warta as part of the strategic saving plan.

Earlier in January, KBC agreed to sell Warta to Germany's Talanx for EUR 770mn.