* Santander pays 2.94 bln euros for 70 percent of Bank Zachodni
* Launches a 4.17 bln eur full bid for Zachodni
* Sees deal EPS positive in a year
(Releads, updates with focus on strategy, expansion)
MADRID, Sept 10 (Reuters) - Spanish banking giant Santander said on Friday it had signed a deal to buy a core stake in Polish bank Zachodni, adding another asset to its growing portfolio of spoils from the global banking crisis.
The acquisition, which could cost Santander up to 4.17 billion euros, will allow the bank to expand its presence in a fast-growing economy and complement its global focus on consumer credit, analysts said.
"The buy makes sound strategic sense, as Santander is expanding in a country with clear growth perspectives. It has moved into Poland's retail banking sector in the midst of its consumer finance growth drive in the U.S. and Germany," Renta 4 analysts Nuria Alvarez said.
Santander, whose acquisition of assets from problem banks in Britain and elsewhere has helped it become Europe's largest bank by market capitalisation, is buying the stake from beleaguered Allied Irish Banks, which needs 7.4 billion euros in additional capital to satisfy Irish regulators.
AIB will make 3.1 billion euros from the deal by tendering its 70 percent stake in Zachodni at Santander's full tender offer, which values Poland's third largest bank at about 4.17 billion euros.
Santander has said the deal will contribute to its earnings per share from year one, and provide it with an 11 percent return on its investment in three years time.
"This is the bit of the jigsaw missing for Santander in terms of its foreign expansion," BPI analysts said.
AIB is also selling its 22 percent stake in U.S. bank M&T and its UK business in an attempt to raise the capital needed to avoid the Irish stake acquiring an equity stake in its capital, which Santander has also been reported to be interested in. (Reporting by Jonathan Gleave; Editing by Will Waterman)