BNP Paribas Group has agreed the purchase of Raiffeisen’s core banking operations in Poland, including vehicle, trade and invoice finance, for PLN 3.25bn (£676m, €775m).

The acquisition, expected to go through in the fourth quarter following regulatory approval, will see Raiffeisen Bank Polska (RBPL) absorbed in the French group’s Polish subsidiary, BGZ BNP Paribas.

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Products listed by Raiffeisen Bank Polska include vehicle asset finance for SMEs, trade finance, factoring and stock financing for larger businesses as well as business car finance for all client segments.

RBPL reported a corporate and retail loan portfolio of PLN 19bn (€4.5bn, £3.9bn) and a deposit base of PLN 34bn at year-end 2017.

BNP Paribas said the transaction would create cross-selling opportunities across the group’s other businesses in Poland, including Leasing Solutions and Arval.

“Thanks to the complementarity of the activities of the two banks, the transaction will further strengthen BGZ BNP Paribas’ position as the #6 bank in the Polish market,” the group said.

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Przemek Gdanski, chief executive of BGZ BNP Paribas, said:“I believe that this transaction will strengthen our position amongst the largest banks in Poland, bringing us much closer to the top 5. We are glad to become with this transaction an active participant in the consolidation of the Polish banking sector.”

Jean-Laurent Bonnafé, chief executive of the BNP Paribas group, added: “Combining the existing strengths of BGZ BNP Paribas with the assets and culture of the core banking activities of Raiffeisen Bank Polska, the BNP Paribas Group in Poland will become a reference bank in all market segments, from consumer finance to private banking, from SME financing to corporate and investment banking.”