Santander bids for 100% of Polish bank

SPANISH banking group Santander has bid 16.6 billion zloty (€4.3bn) for 100% of Poland’s Bank Zachodni, of which it is still awaiting clearance to gain control of Allied Irish Bank’s controlling stake.

As part of its ongoing quest to meet revised capital requirements, AIB agreed to sell — for around €3bn — its 70.4% stake in Zachodni to Santander last September.

While still before the Polish regulator awaiting approval, that deal is expected to be formally completed in weeks.