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Santander to create new $6.7bn bank

Santander has completed a deal that will result in the formation of a new bank in Poland valued at around €5 billion ($6.7 billion).

The major European financier has agreed to acquire Kredyt Bank from the KBC Groep and plans to merge this company with its own Polish division in order to create the third largest lender in Poland, it has emerged today (28 February).

Under the terms of the deal, Santander will have control over 76.5 per cent of the newly-formed bank, with KBC retaining around 16.4 per cent.

Emilio Botin, chairman of the Spanish lender, noted this purchase represents a key part of his company's commitment to diversifying its business presence across more areas globally in the coming months and years.

"With this transaction, Santander will significantly strengthen its presence in Poland, one of the most dynamic economies in Europe," he stated.

This comes after it emerged recently that Santander had received a £1.5 million ($2.3 million) fine from the Financial Services Authority for its failure to clarify which of its products were listed under the Financial Services Compensation Scheme.

By Claire Archer