46. Acquisitions and disposals

On 8 December 2014, an agreement for the sale of 100% shares of Transfinance a.s. between mBank S.A. and UniCredit Bank Czech Republic and Slovakia a.s. (UniCredit) was concluded. The transaction was finalized on 20 January 2015, after the fullfilment of all contractually suspending conditions. The sale of Transfinance is a consequence of impementing the One Bank Strategy for 2012-2016 and is the last stage of restructuring the foreign factoring activities of the Group i.e. after the sale of Magyar Factor zRt and Intermarket Bank AG in 2011.

In accordance with the above mentioned, as at 31 December 2014 the Group classified Transfinance a.s. as non-current assets (disposal groups) held for sale.

On 11 September 2014, the Bank's subsidiary Aspiro S.A. ("Aspiro") being the shareholder of the company BRE Ubezpieczenia Towarzystwo Ubezpieczeń i Reasekuracji S.A. ("BRE TUiR"), concluded an agreement with Avanssur SA the company belonging to AXA Group for the sale of 100% shares in BRE TUiR ("Agreement on the Sale of Shares").

In accordance with the Agreement on the Sale of Shares, the sale of 100% of shares of BRE TUiR to Avanssur SA is conditioned by meeting specific conditions precedent, in particular: (i) obtain the consent of the Office of Competition and Consumer Protection and (ii) no objections raised by the Polish Financial Supervision Authority.

On 30 July 2014, as part of the reorganisation of the insurance business in mBank Group, the company Aspiro S.A. acquired from AWL I Sp. z o.o. 100% of shares of BRE Ubezpieczenia Sp. z o.o. and BRE Agent Ubezpieczeniowy Sp. z o.o. for a total amount of PLN 72 876 thousand. The transaction resulted in redemption of shares in the company AWL I Sp. z o.o., by which its current share capital amounts to PLN 300 thousand. The sole shareholder of AWL I Sp. z o.o remains BRE Ubezpieczenia TUiR S.A. These events had no impact on the result of mBank Group.