=Poland : Raiffeisen Bank International agrees to sell Polish subsidiary's core banking operations to BNP Paribas (BNPQY)

Raiffeisen Bank International agrees to sell Polish subsidiary's core banking operations to BNPQY for EUR 775 mln 

• Co agreed to sell the core banking operations of Raiffeisen Bank Polska S.A. by way of demerger to Bank BGZ BNP Paribas S.A., a subsidiary of BNP Paribas.
• The sales price is approximately EUR 775 million, equating to a preliminary price/tangible book value multiple of around 0.95 times. This is based on the tangible book value of the core banking operations of approximately EUR 815 million as of 31 December 2017 and is subject to closing accounts.
• A positive impact of approximately 90 basis points on the RBI Group's CET1 ratio (fully loaded) based on 31 December 2017 figures is expected as a result of the sale. The direct impact of the sale on the RBI Group's consolidated profit is expected to be around minus EUR 120 million, excluding any potential effects from deconsolidation.
• Under the terms of the agreement with the buyer, total assets of approximately EUR 9.5 billion and total risk-weighted assets of approximately EUR 5.0 billion as of 31 December 2017 have been allocated to the core banking operations