Santander gets €285m for 5.2% of Bank Zachodni WBK
Santander sold 4,852,949 shares, equal to 5.2% of BZ WBK's capital, for €285m, while KBC got €887m for its 16.17% stake in BZ WBK.
Assuming that the reverse greenshoe option is not exercised, the placement of these shares will enable Banco Santander to meet its commitment to the Polish regulator that the free float of the Polish unit would be at least 30% by the end of 2014.
The transaction has also allowed KBC to divest the stake in BZ WBK it had obtained as a result of the merger of its Polish subsidiary, Kredyt Bank, with Banco Santander's unit, Bank Zachodni WBK.
The remaining 70% of the capital will be held by Santander, the controlling shareholder.
At 8:06am: [LON:BNC] share price was -2.88p at 477p
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