June 26, 2018 / 10:35 AM / 9 months ago

Santander among potential buyers for SocGen's Polish arm- sources

WARSAW, June 26 (Reuters) - Santander is among potential buyers of Societe Generale’s Polish arm Eurobank, two banking industry sources said.

Reuters reported earlier this month that SocGen was exploring a sale of Eurobank, given rising pressure on Eurobank from its competitors.

“Santander BZ WBK will be in the game,” a senior banking industry source said, adding that Credit Agricole was also interested, as the French bank faces a decision on whether to expand or pull out from Poland. Another source also confirmed Santander’s interest.

Two other sources said Credit Agricole was interested in buying Eurobank, and one of them valued the potential deal at several hundred million zlotys. One of these sources also pointed to Portuguese Millennium as a potential buyer.

Societe Generale, Credit Agricole, Santander, and Millennium bcp declined to comment.

Eurobank is the 17th largest Polish bank with assets of 14 billion zlotys ($3.77 billion), and is more than 20 times smaller than the country’s biggest bank PKO BP. Last year, it made a net profit of 103 million zlotys.

The sale of Eurobank would underpin a broader trend of consolidation in Poland’s banking sector, which has accelerated in recent years with the ruling eurosceptic Law and Justice (PiS) party encouraging domestic ownership. ($1 = 3.7096 zlotys) (Additional reporting by Andrey Khalip in LISBON, Jesus Aguado Gonzalez in MADRID, and Matthieu Pottard in PARIS. Editing by Jane Merriman)

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