The completion of the transaction is subject to the execution of final documentation and to the necessary regulatory approvals, a statement from the banks said today.

“We’re pleased that a strong and renowned bank, BNP Paribas, will be able to reinforce Bank BGŻ established position as a universal commercial bank. It was very important for Rabobank to find a respectable partner, who can further develop Bank BGŻ’s ambitions,” Berry Marttin, member of the Rabobank executive board, said.

Rabobank has sold other business units. In early 2013, the European lender sold the bulk of its stake in Netherlands-based asset manager Robeco to Japanese financial services group,ORIX Corporation;  in late November 2011, Rabobank sold its majority stake in Switzerland’s Sarasin & Co to Brazil’s Safra. Rabobank also put its Indonesia unit up for sale.

Jean-Laurent Bonnafé, CEO of BNP Paribas Group said the addition of the Polish bank “constitutes a major step towards attaining a critical size in Poland. The transaction will establish the BNP Paribas Group as a reference player in Poland’s banking sector”.