March 18, 2013 / 7:21 AM / in 5 years

Santander to sell up to 5.2 percent of Polish unit

MADRID, March 18 (Reuters) - Spain’s Santander said on Monday it plans to sell a maximum 5.2 percent of its stake in Poland’s Bank Zachodni WBK as part of a plan to increase the Polish lender’s free float.

Santander, the eurozone’s largest bank, and fellow BZ WBK shareholder KBC of Belgium said earlier this month that they had hired advisers to help them unload shares in the Polish bank.

KBC is selling its 16.2 percent of the bank, while Santander - with a 75 percent stake in BZ WBK - said it plans to remain a controlling shareholder with a holding of at least 70 percent.

The placement to institutional investors, to enable a free float of about 30 percent, would be priced at 240 to 270 Polish zloty.

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