Santander explores sale of $8bn stake in Polish unit
Banco Santander is reportedly weighing the sale of its majority stake, valued at around $8bn, in its Polish business.
The Spanish financial giant, which is shifting its focus towards growth in the Americas, has enlisted an adviser to assess the future of its 62% stake in Santander Bank Polska, Bloomberg reported citing sources.
Santander has begun reaching out to potential investors to gauge their interest in the stake, although discussions remain in their early stages, people privy to the development said.
It is still possible that the bank may choose to retain its holding or pursue a partial sale of the shares, the sources indicated.
In September, Santander raised 2.46bn zlotys ($627m) by selling a 5.2% interest in its Polish operation.
However, a full sale of the business could be challenging, as the scale of the operation may make it difficult for local financial institutions to complete a purchase.
The size of Santander Bank Polska could present a significant barrier to a domestic acquisition.
This review of the Polish unit aligns with the bank's broader strategic shift under the leadership of Santander executive chair Ana Botín.
The lender has been placing greater emphasis on expanding its footprint in the Americas, while reducing its focus on its European operations.
Recent efforts include new digital banking initiatives in the US and Mexico, along with a new banking license acquired in Canada.
Santander Bank Polska continues to be one of Poland's largest banks, serving a customer base of 7.5 million individuals. Nationale-Nederlanden OFE holds a 5% stake in the bank.
"Santander explores sale of $8bn stake in Polish unit" was originally created and published by Retail Banker International, a GlobalData owned brand.
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