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 .

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

Banco Santander SA agreed to sell 49% of its Polish unit to Erste Group Bank AG for about €6.8 billion ($7.7 billion), in one of the largest banking transactions in Europe in recent years.