The sale of the core banking operations of Raiffeisen Bank Polska, agreed in April this year, by way of demerger to Bank BGZ BNP Paribas, a subsidiary of BNP Paribas, was successfully closed on 31 October.
The sale prices are approximately PLN 3,250 million (around €760 million), equating to a tangible book value multiple of around 0.95 times, Raiffeisen Bank revealed.
This is based on core banking operations equity of approximately €877 million at the time of closing.
According to Raiffeisen Bank, the sale results in a positive impact of approximately 85 basis points on Raiffeisen Bank International (RBI) Group’s CET1 ratio (fully loaded).
Under the terms of the agreement with the buyer, total assets of approximately €9.3 billion and total risk-weighted assets of approximately €4.9 billion have been allocated to the core banking operations.
The direct impact of the sale on RBI Group’s consolidated profit is expected to amount to minus €121 million, which is already recognised in the income statement in Q2.
The amount may change following the audited closing statement of financial position, according to the bank.
Meanwhile, additional equity neutral effects from the disposal after closing amount to around minus €38 million and are primarily due to already realised currency effects.
Immediately after the demerger, RBI will transfer the remaining Raiffeisen Bank Polska operations, mainly compromising the foreign currency retail mortgage loan portfolio, to a Polish branch of RBI AG.
