Banco Santander agreed to sell most of its Polish assets to Austria’s Erste Group Bank, continuing a wave of dealmaking among European lenders.

Erste Group Bank has bought a 49% stake in Santander's Polish bank for around 6.8 billion euros ($7.7 billion), turning Austria's largest lender into one of the most important banks in Poland and freeing up billions for Santander .

The Spanish bank will reinvest half of the proceeds to push for the extraordinary buyback of its own shares. The closing is expected by the end of 2025 and the operation should guarantee Santander a n