Santander, Apax Teaming Up on Kredyt Bank

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.