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Erste Group Bank plans to launch a tender offer for up to an additional 26% stake in Erste Bank Polska, strengthening the Austrian lender’s presence in Poland’s banking market.
Erste Group currently holds a 49% stake in Erste Bank Polska, the country’s third-largest bank by assets. The Vienna-based banking group acquired the controlling interest from Santander earlier this year as part of a broader strategy to expand its operations across Central and Eastern Europe.
The proposed tender offer is expected to begin in November, with Erste Group offering approximately 713 zloty ($185.95) in cash for each share. The proposed price represents an 11.7% discount to Erste Bank Polska’s Friday closing price of 807.6 zloty.
Shares of Erste Bank Polska have climbed about 48% this year, lifting the Polish lender’s market capitalization to roughly 82.5 billion zlotys ($21.51 billion). Meanwhile, Erste Group has a market value of approximately $54 billion based on its outstanding shares.
Through the tender offer, Erste Group intends to increase its ownership of Erste Bank Polska beyond the 50% threshold while keeping its total stake below 75%. Maintaining ownership under that level would allow the Polish bank to continue meeting minimum free-float requirements for publicly traded shares.
The planned acquisition highlights Erste Group’s push to deepen its exposure to Poland, one of the largest banking markets in Central and Eastern Europe. Securing a larger stake would give the Austrian lender greater economic exposure to Erste Bank Polska while preserving a meaningful portion of publicly traded shares.
Erste Group said it plans to finance the transaction using internal resources. Despite the additional investment, the bank expects its Common Equity Tier 1 capital ratio, a key measure of financial strength, to remain above 14.25% following completion of the deal.
Erste Group reported a CET1 ratio of 15.2% at the end of the first half of the year, providing a capital buffer as it pursues the proposed Polish banking acquisition.
