The transaction, which is for 100% of the consumer finance specialist, will be subject to full regulatory approval, in particular the approval of the Polish Bank Supervisory Committee, and customary closing conditions.
Dominet is a full-service retail bank with 806 employees and the 10th largest branch network in Poland, consisting of around 152 branches and franchises. It occupies a strong position in the car finance segment and has a fast-growing portfolio of cash loans. Dominet also supplies other banking products to retail customers.
International growth of our retail banking activities is a pillar of Fortis’ strategy, and therefore the acquisition of Dominet represents a step forward that will help us to expand our activities in the interesting Polish market, noted Jos Clijsters, CEO of Fortis Retail Banking.
Fortis said that the acquisition would have no material impact on the company’s solvency or net profit per share in 2006.
