EFG Eurobank sells Polbank stake to Raiffeisen

Greece's second-largest lender EFG Eurobank said on Thursday it agreed to sell a 70 percent stake of its Polish unit, Polbank, to Austria's Raiffeisen for 490 million euros ($675.2 million) in cash.

"EFG Eurobank announces it agreed to proceed to a strategic partnership with Raiffeisen Bank International AG for its activities in Poland," the Greek lender said. "The sale's conditions include the acquisition of 70 percent of Polbank by Raiffeisen for 490 million euros in cash".

by Harry Papachristou

source: Reuters