Allen & Overy Warsaw advised Banco Santander and its Polish subsidiary Bank Zachodni WBK S.A. (BZ WBK) on its acquisition of Deutsche Bank Polska's retail and private banking businesses, excluding its foreign currency mortgage portfolio and including the shares of DB Securities, S.A. (Poland), for an estimated total consideration of EU305 million.

The acquisition will enhance BZ WBK's position as the third largest financial institution in Poland, with 6.8 million customers and a market share of more than 11.7% in loans and 11% in deposits. Furthermore, BZ WBK will become the leading private banking services provider in Poland.

The A&O Warsaw M&A team was led by partner Jaroslaw Iwanicki, with support from senior associates Marcin Czaprowski and Tomasz Ciecwierz, and associates Maciej Szykut and Joanna Kaleta. Tax advice was provided by senior associate Maciej Kulawik. Competition law advice was provided by partner Marta Sendrowicz and counsel Justyna Michalik.

The deal, which is subject to regulatory and other approvals, is expected to close by the end of 2018.