KBC sells 16% stake in Poland's Bank Zachodni

Friday 22 March 2013 08.10
AIB was formerly the majority shareholder in Bank Zachodni
AIB was formerly the majority shareholder in Bank Zachodni

Belgian bank KBC, which owns KBC Ireland, has sold its 16% stake in the Polish Bank Zachodni for €900 million.

That puts the value of Zachodni at just under €5.5 billion.

AIB was previously the majority shareholder in Bank Zachodni but sold its 70% shareholding for €2.9 billion in 2010 as part of its drive to raise new capital.

That transaction valued Zachodni at €4.2 billion.