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Publish Date : 06-Dec-2013

BNP Paribas Group and Rabobank Group announce that they have reached an agreement for the transfer to BNP Paribas of the 98.5% stake held by Rabobank in Bank Gospodarki Zywnosciowej (Bank BGZ ) by valuing Bank BGZ at PLN 4.2 billion (approximately EUR 1 billion).

The completion of the transaction is subject to the execution of the final documentation and to the necessary regulatory approvals.

Berry Marttin, member of the executive board Rabobank: "We're pleased that a strong and renowned bank, BNP Paribas, will be able to reinforce Bank BGZ established position as a universal commercial bank. It was very important for Rabobank to find a respectable partner, who can further develop Bank BGZ's ambitions. We want to thank the management and employees of Bank BGZ for the contribution they made to Rabobank."

Jean-Laurent Bonnafe, CEO of BNP Paribas Group stated: "We warmly welcome all Bank BGZ staff and clients into our Group. They will help to enhance the excellent work already being done by our teams at BNP Paribas Polska, who have been instrumental in the success of our subsidiary to date. The acquisition of Bank BGZ constitutes a major step towards attaining a critical size in Poland. The transaction will establish the BNP Paribas Group as a reference player in Poland's banking sector."

Józef Wancer, CEO of Bank BGZ said: "I am glad that BNP Paribas and Rabobank were able to agree so quickly. While the parties will be working on obtaining regulatory approvals the bank will be looking forward to capitalising upon large capabilities and opportunities as a part of a stable and leading banking group in Europe."

Stefaan Decraene, Head of BNP Paribas International Retail Banking and a Member of the BNP Paribas Executive Committee underlined: "This transaction, bringing together two complementary entities, will strengthen the capacity of BNP Paribas to provide its Polish clients with a full range of services. We are convinced that the combination of Bank BGZ expertise, notably in the agri & food business and in e-banking, with the existing operations of BNP Paribas Bank Polska will create a unique player among Polish banks with significant growth prospects."

This transaction is expected to have a minor impact (around -15 basis points) on BNP Paribas Group's Basel III Common Equity Tier 1 ratio and to immediately have an accretive effect on its net income per share (2013 pro-forma).

BNP Paribas has a presence in nearly 80 countries with 190,000 employees, including 145,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending.

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