Spanish bank Santander has entered exclusive talks to buy the bulk of Deutsche Bank’s business in Poland in a bid to strengthen its position in the highly competitive market.
Deutsche is selling parts of its Polish operations to free up capital as part of a deep overhaul of its operations, which has seen it close or sell business in many parts of the world as it seeks to focus on its core investment and retail banking as well as asset management activities.
Deutsche Bank Polska, Poland’s 12th-biggest lender by balance sheet, could be valued at about $450 million in a potential deal.
Recently, U.S. buyout fund Cerberus has taken a 3 percent stake in Deutsche Bank, making the fund one of its largest shareholders.