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.

Spanish banker Ana Botín, executive chair of Santander Group since 2014, confirmed via social media that Santander has agreed to sell 49% of its Polish banking subsidiary, Santander Bank Polska, and 50% of its Polish asset management arm to Austria’s Erste Group.