March 27, 2018 / 3:40 PM / a year ago

Polish mBbank sees Q1 net higher on asset sale

WARSAW, March 27 (Reuters) - Poland’s fourth largest lender by assets mBank said on Tuesday that proceeds from the sale of parts of its mFinanse business would increase the bank’s first-quarter net profit by 177 million zlotys ($52 million).

The bank, a unit of Germany’s Commerzbank, said in a statement that total proceeds from the sale would amount up to 491 million zlotys. The bank said in November it planned to sell parts of mFinance for a total of about 520 million zlotys.

The bank said it was selling the business to Phoebe IVS, based in Denmark.

$1 = 3.3969 zlotys Reporting by Anna Koper Writing by Lidia Kelly and Edmund Blair

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