The FINANCIAL -- Deutsche Bank AG announced on December 14 that it has entered into an agreement to sell its local Private & Commercial Banking business in Poland, together with DB Securities S.A., to Bank Zachodni WBK S.A.
The retail mortgage portfolio denominated in foreign currency is excluded from the transaction. The transaction is in line with the Bank’s effort to continue to sharpen its focus and reduce complexity. BZ WBK is part of the Santander Group, with Banco Santander S.A. being its parent company. The transaction remains subject to all the required approvals of the Polish FSA, other regulatory approvals, corporate consents and other conditions. The parties are aiming for a finalization of the transaction in Q4 2018, according to Deutsche Bank.
Deutsche Bank Polska remains committed to the existing businesses outside of PCB in Poland, namely its Corporate & Investment Bank business, including Global Transaction Banking and will continue to provide banking services to Polish and international corporate clients, financial institutions and government agencies. The bank will also continue to serve its foreign currency mortgage retail borrowers.
Deutsche Bank will work in partnership with its clients, regulators, employees and other stakeholders to ensure a smooth transition. In other markets, the Private & Commercial Bank continues to be a core business area for Deutsche Bank.