The lender has also decided to divest its financing and life insurance operations, Nordea Finance Polska and Nordea Polska Towarzystwo Ubezpieczen na Zycie, to the same acquirer.
Total consideration for all the businesses has been determined at €694m, out of which about €5m will be attributable to the minority shareholders of Nordea Bank Polska.
Commenting on the disposal of the businesses, Nordea Group CEO and president Christian Clausen said the divestment is a rational structural change, which contribute positively to Nordea’s long-term financial goals and enable us to continue to develop business and services.
Customers will continue to be served by Nordea Bank Polska as part of the Nordea Group, until the transaction is completed which is expected during 2013, pending receipt of approvals from the regulators.
The Nordea Operations Centre in Lodz and the Polish pension fund company has not been affected by the transaction.
Stringent governance and operational practices, including a requirement to list at least 25% of their shares on the Warsaw Stock Exchange, are making it difficult to follow its uniform operating model used across all other markets.
Operating in Denmark, Finland, Norway and Sweden and the New European Markets of Estonia, Latvia, Lithuania, Poland and Russia, Nordea has a market capitalization of about €36bn, total assets of €663bn and a core tier 1 capital ratio of 13.2%.
