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Reports: Santander, KBC To Sell WBK Stake For 245 Zloty Per Share

Spanish lender Banco Santander, S.A. (SAN: Quote,BNC.L) and Belgian multi-channel bank KBC Group NV (KBCSF.PK, KBCSY.PK) would sell 21.4 percent of Poland's Bank Zachodni WBK SA for 4.9 billion zloty ($1.5 billion), reports said. The lenders are expected to fix the sale at 245 zloty ($76.01) per share, near the bottom of the indicated range.

Santander Monday said it would sell up to 5.2 percent of its stake in WBK, as KBC places about 16.2 percent in market.

WBK is one of Poland's largest banks providing a full range of financial products and services for individuals, SMEs and corporate clients.

The banks will offer up to 20 million shares in WBK by way of a fully marketed follow-on offering, within an indicative price range of 240 zloty to 270 zloty, it was said then.

The final sale price was to be determined through a bookbuilding process that would begin on March 18 and end no later than on March 21.

Santander is expected to sell not less than 195,216, constituting 0.21 percent, but up to 4.85 million shares constituting up to 5.19 percent of BZ WBK current shares outstanding. KBC plans to sell 15.13 million shares, comprising 16.17 percent of BZ WBK current shares outstanding.

Santander fell 1.3 percent on Thursday in Madrid to close at 5.64 euros.

KBC rose 1.8 percent in Brussels at 29.02 euros.

by RTT Staff Writer

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