French lender BNP Paribas has submitted the highest bid of 1bn to purchase 98% stake in Bank BGZ, the Poland-based subsidiary of Dutch lender Rabobank, according to a report by daily newspaper Puls Biznesu.
Sources were quoted by Reuters as saying that BNP Paribas and Banco Santander were in line to purchase BGZ, while UniCredit had already made a preliminary offer through its Polish unit Pekao.
According to an anonymous banking source, "Pekao had bid much less than BNP, the same with Santander".
Additionally, Polish mid-sized lender Alior was also reported to have shown interes in the Polish unit, and was supported by the region’s top insurer, PZU.
The sale is expected to be completed by the end of 2013.
Most recently, some troubled foreign lenders’ have divested their interest in Polish holdings to increase capital back home.