Banco Santander may offload part or all of its holding in Santander Bank Polska, people “familiar with the matter” told Bloomberg on April 8.

The considerations come as Spain’s largest lender is examining strategic options for its majority stake in the Warsaw-listed subsidiary. The review covers the bank’s 62% share in the Polish arm, which is worth around $8bn based on the most recent market valuation. 

The Spanish lender is reportedly working with an advisor and has reached out to potential investors to assess market interest, Bloomberg reported. The process remains at an early stage, and no final decision has been made, according to the report. Banco Santander might keep the asset longer than planned or opt for a partial sell-down instead, the sources told the newswire.

Shares in Santander Bank Polska rose 6.53% to PLN520.4 (€121.79) at the close of trading on the Warsaw Stock Exchange on 8 April, amidst a bigger rally that followed three days of falls induced by US President Donald Trump’s imposition of trade tariffs worldwide. 

Parent company Banco Santander, which is also listed in Warsaw, gained 7.14% to PLN24.

Santander Bank Polska is among the top three financial institutions in the country, behind state-controlled PKO BP and Pekao in terms of assets. The bank serves roughly 7.5mn clients and manages assets of PLN304bn. In 2024, it recorded a net profit of more than PLN5.2bn and has already secured regulatory approval to pay a dividend of nearly PLN4.74bn.

Santander Bank Polska might not be the only Polish lender for sale. 

Citigroup announced a retreat from consumer banking in 14 countries, including Poland, in 2021. The bank has offloaded retail units in markets such as Australia, India, Malaysia, Taiwan and Vietnam since then.

But in Poland, the sale process for Citi’s retail division, operating as Citi Handlowy, was paused in 2022, as the war in Ukraine, inflationary pressure, and low interest rates weighed on performance and dampened investor appetite for acquisitions.