Bank Millennium completed the acquisition of Euro Bank from Societe Generale for PLN1.8bn.

Bank Millennium completed the acquisition of Euro Bank from Societe Génerale. Under this transaction, Bank Millennium will acquire about 99.79% of the shares in Euro Bank for a reference price of PLN1.833bn ($484m). Final price will be adjusted by variation of net asset value of Euro Bank at closing of the transaction. The closing of the Transaction was preceded by fulfilment of conditions precedent set out in the SPA, which included: (i) obtaining consent of the appropriate antitrust authority (UOKiK), and (ii) obtaining clearance from the Polish Financial Supervision Authority (KNF) confirming that there is no objection to the acquisition by the Bank of the Shares. The merger will create a much bigger and more competitive bank, in a clear seventh place on the market in terms of the value of assets, deposits and loans and with a particular strong position in consumer lending.The transaction will bring 1.4m new customers, which will allow the Bank to achieve sixth position in terms of a number of retail customers in Poland and will significantly increase the geographical coverage by improving the Bank’s presence in smaller towns. The Bank’s position in the area of consumer loans will be strengthened and the competences in the area of the franchise model operating in Euro Bank will be preserved. The transaction means a profitable utilisation of the surplus of the Bank’s capital and liquidity. The takeover will reduce the share of FX mortgages in the total loan portfolio to below 25%. "The signed agreement to purchase the successfully developing Euro Bank is for us a breakthrough decision and I am very happy that I can announce it today. In accordance with our strategy „Further Digitalisation, Customer-centricity and Behavioural Personalisation”, by 2020 Bank Millennium intends to become the leader of growth on an increasingly concentrated market, hence our openness to new possibilities of non-organic growth and confidence in this project success. I am confident that together we will create significant value for our customers, employees and shareholders," Joao Bras Jorge, Bank Millennium Chairman and CEO.