BNP Paribas Group and Rabobank Group announce that they have reached agreement for the transfer to BNP Paribas of the 98.5% stake held by Rabobank in Bank Gospodarki Żywnościowej (Bank BGŻ ) by valuing Bank BGŻ at PLN 4.2 billion (approximately EUR 1 billion). The completion of the transaction is subject to the execution of the final documentation and to the necessary regulatory approvals.
Jean-Laurent Bonnafé, CEO of BNP Paribas Group stated: “We warmly welcome all Bank BGŻ staff and clients into our Group. They will help to enhance the excellent work already being done by our teams at BNP Paribas Polska, who have been instrumental in the success of our subsidiary to date. The acquisition of Bank BGŻ constitutes a major step towards attaining a critical size in Poland. The transaction will establish the BNP Paribas Group as a reference player in Poland’s banking sector.”
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