September 15, 2014 / 6:32 PM / in 5 years

BNP completes purchase of Bank BGZ from Rabobank

The logo of BNP Paribas is seen on top of the bank's building in Fontenay-sous-Bois, eastern Paris, May 30, 2014. REUTERS/Charles Platiau

PARIS (Reuters) - France’s BNP Paribas (BNPP.PA) has completed the purchase of Bank BGZ BGZ.WA, Poland’s No.11 lender by assets, from Rabobank for 4.5 billion zlotys ($1.39 billion) as part of a plan to expand in faster-growing markets.

Poland has attractive growth prospects and moderate banking penetration at about 70 percent, BNP said in its investor presentation last week. The acquisition of BGZ would bring its market share in deposits to around 4 percent.

BNP Paribas should hold between 88.64 percent and 90 percent of Bank BGZ, depending on results of the tender offer, it said in a statement on Monday. Rabobank will retain a stake of just a below 10 percent.

Poland’s financial watchdog KNF approved the takeover earlier this month.

Reporting by James Regan and Maya Nikolaeva; Editing by Michael Urquhart

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