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.