Banco Santander agreed to sell most of its Polish assets to Austria’s Erste Group Bank, continuing a wave of dealmaking among European lenders.

Goerlich MADRID/VIENNA (Reuters) -Erste Group Bank has bought a 49% stake in Santander's Polish bank for around 6.8 billion euros ($7.7 billion), turning Austria's largest lender into one of the most important banks in Poland and freeing up billions for Santander.

Erste Group Bank AG agreed to buy much of Banco Santander SA’s operations in Poland for about €7 billion ($7.9 billion), marking its largest deal ever.