Erste to Buy Santander Polish Businesses in €7 Billion Deal (3)

Erste Group Bank AGagreed to buy much of Banco Santander SA’s operations in Poland for about €7 billion ($7.9 billion), marking its largest deal ever.

The Austrian bank will acquire a 49% stake in Santander Bank Polska SA for €6.8 billion and take full ownership of the Spanish lender’s asset management unit in Poland for about €200 million, the two companies said Monday. The companies said last week they’re in talks, confirming a previous Bloomberg News report.

The takeover allows Erste to cement its role as the biggest lender in Central and Eastern Europe, and delivers on a ...