Erste jumps after deal on Santander's Polish assets

Erste Bank AG

05/05/2025 09:56

Adds analyst comments from 2nd bullet point

** Shares in Erste Group ERST.VI rise around 7% after the Austrian lender has agreed to buy 49% stake in Banco Santander's SAN.MC Polish unit and a 50% in its Polish asset management business

** Banco Santander's shares are up some 0.2% while those of the Polish unit, Santander Bank Polska SPL1.WA, fall around 5% to the bottom of Poland's blue chip index WIG20 .WIG20

** mBank analysts say in a note the potential deal is "highly accretive" for Erste and will also add more good will to its balance sheet

** WOOD & Company analyst Marta Jezewska-Wasilewka says Santander Bank Polska's share price fall might be caused by the lack of takeover offer for 100% stake and an overhang from Santander's remaining stake in the Polish lender

** Santander owns a 62.2% stake in Santander Bank Polska

** "Nothing has been said (...) when and how this remaining stake would be resolved," Jezewska-Wasilewka says

** She also notes that the market value needs to be adjusted by the over 46 zloty Santander is paying as dividend on top of the deal price of 584 zlotys per share

 (Reporting by Javi West Larrañaga, Anna Banacka, additional reporting by Tristan Veyet)

 ((javier.west@thomsonreuters.com; +48 58 769 65 76; anna.banacka@thomsonreuters.com))