WARSAW Dec 2 France's BNP Paribas
agreed to buy the Dutch lender Rabobank's Polish unit
Bank BGZ, valuing it at 4.2 billion zlotys ($1.4
billion) in another sign the local banking sector undergoes fast
consolidation, Rabobank said.
"BNP Paribas Group and Rabobank Group announce that they
have reached agreement for the transfer to BNP Paribas of the
98.5 percent stake held by Rabobank in BGZ by valuing Bank BGZ
at PLN 4.2 billion," Rabobank statement read.
The biggest Dutch retail bank, recently fined $1 billion
over its involvment in the Libor rigging scandal, said in June
it was reviewing its option for BGZ, but had not officially put
the lender up for sale.
However, BNP confirmed last month it had placed an unbinding
offer to buy BGZ, Poland's No. 11 lender in terms of assets.
($1 = 3.0976 Polish zlotys)
($1 = 0.7377 euros)
(Reporting by Marcin Goclowski; Editing by Adrian Krajewski)