Reuters: Financial Services and Real Estate: Raiffeisen closes Polbank deal at lower price

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Raiffeisen closes Polbank deal at lower price Apr 30th 2012, 10:23 VIENNA, April 30 | Mon Apr 30, 2012 6:23am EDT VIENNA, April 30 (Reuters) - Austrian lender Raiffeisen Bank International has closed its acquisition of a 70 percent stake in Polbank, the Polish arm of Greek EFG Eurobank Ergasias, for 460 million euros ($609.9 million)in cash, RBI said on Monday. Last year, Raiffeisen agreed to buy the 70 percent stake in Polbank for 490 million euros. "The implied price/book multiple for 100 percent amounts to 1.5 and may become lower, depending on Polbank's equity per closing statements. The calculation already takes into account an agreed indirect further reduction in price of 30 million euros," it said in a statement.

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