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Santander's Polish unit says Aviva deal will boost its Q1 profit

Reuters - UK Focus

WARSAW, Feb 27 (Reuters) - Bank BZ WBK's first-quarter net profit will be boosted by almost 462 million zlotys ($124.8 million) after selling stakes in insurance joint ventures with Britain's Aviva (Other OTC: AIVAF - news) , Poland's No.3 lender by assets said on Friday.

BZ WBK, the Polish unit of Spain's Banco Santander (Amsterdam: SANT.AS - news) , sold Aviva 17 percent stakes in both of its insurance joint-ventures with the UK insurer. The Polish lender is now left with 49 percent stakes in the ventures.

"It is estimated that the execution of the transfer by the bank will generate a net profit of 461.7 million zlotys, which will be shown in the consolidated profit and loss account," BZ WBK said in a statement on Friday. ($1 = 3.7009 zlotys) (Reporting by Marcin Goclowski; editing by Susan Thomas)