Banco Santander is planning to acquire Polish lender Kredyt Bank from Belgian financial group KBC, Reuters reports. The financial terms of the transaction have not been disclosed.

Santander wants KBC to suspend a planned auction of Kredyt and negotiate a likely acquisition. In May, KBC had appointed Goldman Sachs Group and Merrill Lynch & Co. to review a possible sale of Kredyt and Polish insurer Warta later in 2011.

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