ECONOMY

Raiffeisen buys Eurobank?s Polish unit

Raiffeisen Bank International, Eastern Europe?s third-biggest lender, agreed to buy a 70 percent stake in Polish lender Polbank from Eurobank EFG for 490 million euros.

“Eurobank EFG announces it agreed to proceed to a strategic partnership with Raiffeisen Bank International for its activities in Poland,» the Greek lender said in a bourse filing.

“The sale’s conditions include the acquisition of 70 percent of Polbank by Raiffeisen for 490 million euros in cash».

Shares in Eurobank added 1.89 percent in Athens on Thursday to 4.99 euros versus gains of 0.67 percent on the broader market.