SPANISH group Santander and Belgian bank KBC have hired investment banks to help them sell their stakes in Polish lender Bank Zachodni WBK, it was announced yesterday.
The pair have hired advisors including Goldman Sachs, UBS, Deutsche Bank, Citi, Morgan Stanley, Bank of America Merrill Lynch, Credit Suisse, KBC Securities and Santander Investment.
Santander holds a 75 per cent stake in the Polish group and is expected to sell down that holding in the free float later this year.
Belgian bank KBC had already revealed its intention to sell its 16 per cent stake.
Its holding arose through the sale of another Polish lender, Kredyt Bank, to Santander.
The two Polish banks were merged, with KBC ending up with 16 per cent of the final remaining unit.
The “exact timing of the sale of shares will depend on market conditions,” said Bank Zachodni WBK in a statement.
Bank Zachodni WBK’s shares dipped 0.11 per cent after the announcement of the appointment of advisors.
City A.M. Reporter