Banco Santander agreed to sell to the Austrian group Erste Bank approximately 49% of Capital Santander Polusk, its subsidiary, for 6.8 billion euros, as well as 50% of its asset management in Poland (TFI), which Santander Polska does not control about 200 million euros, so the operation, consistent with the total amount.
According to the Spanish organization on Monday, the operation is subject to ordinary conditions in this type of operations, including the corresponding permits of regulatory authorities.
The operation, in cash, will be performed at a price of 584 Zlotys per share (136.5 euros) that the banking values of 2.2 times its tangible accounting value per share at the end of the first quarter of 2025, excluding the declared dividend of 46 37 Zlotys (10.84 euros) for the promotion and 11 times every 2024.
Santander emphasized that this price also makes up a 7.5% premium compared to the price of the closure of the market of Santandra Polusk, with the exception of dividends and 14% compared to the average price, balanced in terms of the volume of the last six months. The actions of Santander Polsk are quoted by the former dividendo on May 12.
After the operation, Santander will have approximately 13% of Capital Santander of Poland and intends to purchase the entire consumer bank Santander, before closing, having bought 60%, which is currently in the hands of its Polish subsidiary.
2000 million excess costs
The closure of these operations, which is expected around 2025, will lead to a Santandra of an approximate clean cost of 2000 million euros, which will mean an increase by approximately 100 main points in the ratio of group capital, which is equivalent to approximately 6.4 billion euros and place the ratio of CET1 capital by about 14%.
Santander plans to distribute 50% of the capital, which will be issued with this operation due to the redemption of shares for an approximate amount of 3.2 billion euros. According to the organization, this will accelerate the achievement of the goal in the amount of up to 10,000 million euros as a result of the redemption of shares charged with the results of 2025 and 2026. And in an excess of planned capital.
“Thus, the previously declared goal can be exceeded, given the attractiveness of the ransom in current estimates, subject to the approval of regulatory authorities,” the bank emphasizes.
Santander hopes that the operation will have a positive impact on each action from 2027/2028, due to the reinvestment of capital in a combination of organic growth, repair of actions and possible additional acquisitions, which meet the criteria for strategic and profitability in the group.
“The manufactured capital, which will allow Santandra to have great strategic flexibility for investment in other markets, where he already works in Europe and America in order to accelerate growth, increasing the income received as a result of cooperation between the network between five global enterprises and maximizing benefits for customers and shareholders,” the object that Ana Botin is represented by.
