Adds BNP details

 
 By Max Bernhard 
 

BNP Paribas SA (BNP.FR) has agreed to acquire the core banking operations of Raiffeisen Bank International AG's (RBI.VI) Polish subsidiary for 775 million euros ($953 million), in order to strengthen its subsidiary Bank BGZ BNP Paribas SA.

The core banking operations--which will be combined with BNP's Polish business Bank BGZ BNP Paribas--include Raiffeisen Bank Polska SA's business, minus its foreign-currency retail-mortgage loan portfolio and some other assets, BNP Paribas said Tuesday.

BNP Paribas expects the deal to improve earnings per share by around 1.0% by 2020, it said.

For RBI, the sale of Raiffeisen Bank Polska SA will have a positive impact of about 90 basis points on its common equity tier 1 ratio, which measures high-quality capital as a share of risk-weighted assets, it said.

The sale will reduce group profit for RBI by EUR120 million, excluding potential effects of deconsolidation, it said.

Total assets of around EUR9.5 billion and total risk-weighted assets of around EUR5.0 billion have been allocated to the core banking operations as of the end of 2017 as part of the agreement, RBI said.

The deal is expected to close in the fourth quarter and is subject to regulatory approvals.

 

Write to Max Bernhard at Max.Bernhard@dowjones.com; @mxbernhard

 

(END) Dow Jones Newswires

April 10, 2018 03:15 ET (07:15 GMT)

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