Apax is teaming up with Santander, the euro zone’s largest lender, to buy KBC’s controlling stake in Poland’s Kredyt Bank, Reuters reported Thursday. The stake is worth roughly $1 billion.
(Reuters) – Santander, the euro zone’s largest lender, plans to join forces with private equity firm Apax to buy KBC’s controlling stake in Poland’s Kredyt Bank, worth about $1 billion, sources told Reuters on Thursday.
A Polish paper reported last week that Santander, which has already bought Poland’s No. 5 lender Bank Zachodni WBK , had made an offer for KBC’s 80 percent holding in Kredyt Bank.
“Santander plans to take over Kredyt bank in co-operation with Apax,” a person familiar with the discussions said.
Apax and Santander declined to comment.