Kredyt Bank SA (KRB), the Polish bank Spain’s Santander SA bought this year, rallied the most in more than two months after signing a merger plan with Bank Zachodni (BZW) WBK SA.
Shares of the former unit of KBC Groep NV (KBC) surged as much as 5.6 percent to 14.43 zloty, the most since Feb. 28, and traded 1.4 percent stronger at 13.85 zloty at 1:29 p.m. in Warsaw. Zachodni, Santander’s Polish unit, fell 1.3 percent to 232 zloty.
The agreement is based on an exchange ratio of 6.96 Zachodni shares for every 100 shares of Kredyt Bank, the lender said in a statement dated today. The sale of Kredyt is part of KBC’s strategy to repay 7 billion euros of rescue funds received from the Belgian government during the credit crisis.
“Today’s news ends uncertainty on the market about the exchange ratio,” Michal Sobolewski, a Warsaw-based analyst at IDM SA said by phone today. “Some investors feared it might change.”
Santander (SAN), Spain’s biggest lender, is seeking to expand in Poland to help diversify its business as profit slumps at home following Spain’s property crash.
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