Spain's top lender Santander has announced a tender to buy all of Poland's Bank Zachodni WBK for 16.6 billion zlotys (€4.3 billion), or 226.89 zlotys per share, a brokerage running the bid said.

In September, Santander agreed to buy AIB's 70.4 per cent holding in BZ WBK for €2.9 billion, beating French bank BNP Paribas and PKO BP, Poland's top lender and backed by the government.

The deal, which gives the Spanish lender a strong foothold in the vibrant Polish market, is awaiting approval by the Polish financial regulator KNF. Its spokesman said it was still studying the proposed transaction.

"The decision has not been made and we give no dates," KNF spokesman Lukasz Dajnowicz said.

Shares in BZ WBK were up 2.2 percent at 221.70 zlotys by 0820 GMT.

Bank Handlowy brokerage said Santander would launch its tender for 73.1 million BZ WBK shares on February 24th and close it on March 25th.

Reuters