Shearman & Sterling acted as English counsel for Santander Bank Polska in connection with the sale of its minority stakes in Aviva Towarzystwo Ubezpieczeń na Życie, Aviva Towarzystwo Ubezpieczeń Ogólnych and Aviva Powszechne Towarzystwo Emerytalne Aviva Santander. The transaction is the last of eight transactions in Aviva plc’s divestment of its Polish operations, and agreement to sell its entire shareholding in Aviva Poland to Allianz for approximately €2.5 billion. 

The deal comprises the largest on the Polish insurance market to date and the largest M&A transaction in Poland so far this year. Completion of the transaction is subject to regulatory approvals and is expected to complete within 12 months.

The Team