KBC TFI acquired by PKO Bank Polski Group

Earlier, the President of the Office of Competition and Consumer Protection had given his clearance and the Polish Financial Supervision Authority issued its no-objection decision regarding the transaction. These were the conditions precedent to closing according to the agreement concluded on 8 September 2017.

“It is another successful deal which shows that the PKO Bank Polski Group effectively combines a dynamic organic growth with selective acquisitions conducted on terms which are attractive to us and to our shareholders. The merger with KBC TFI will give an additional boost to the already dynamic development of PKO TFI, which has already become the leader of the retail fund segment,” said Zbigniew Jagiełło, the CEO of PKO Bank Polski.

“This transaction is fully aligned with KBC’s corporate strategy which focuses on retail clients, SMEs and midcap corporates in KBC’s home markets of Belgium, Bulgaria, Czech Republic, Hungary, Ireland and Slovakia. I am convinced that, under its new shareholder structure, KBC TFI will be able to successfully continue its business activities, and this to the benefit of its clients and other stakeholders,” said Johan Thijs, CEO of KBC Group NV

Currently, PKO TFI manages PLN 25bn in Assets under Management (AuM), while the AuM of KBC TFI amounts to over PLN 4 bn. Ultimately, these two investment fund companies belonging to the PKO Bank Polski Group will be merged. The merger of KBC TFI with PKO TFI is scheduled for the first half of 2018.

This year PKO TFI celebrated its 20th anniversary of operations. It is the largest retail fund company in Poland, with a 15-per cent market share, in the market which was worth more than PLN 154bn at the end of Q3 2017. PKO TFI is also the largest investment fund company in terms of the number of clients (over half a million at the end of November 2017).

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PKO Bank Polski is the indisputable leader in the Polish banking sector. In the half of 2016, its consolidated net profit amounted to PLN 827 million, whereas the balance sheet sum reached PLN 286,4 billion. In 2016, its net profit amounted to PLN 2.87 billion, what was the best result in the Polish financial sector. The bank is the basic supplier of financial services for all client segments and has highest share in the deposit market (17.3%) and loans (17.7%), including mortgage loans; every third mortgage loan is granted by PKO Bank Polski and PKO Bank Hipoteczny. Having 8 million pay cards, the Bank is the largest issuer of debit and credit cards in Poland with a share in the market on the level of 22%. Thanks to the development of digital tools, including the IKO app, which was already activated 1.2 million times, PKO Bank Polski has become the most mobile bank in Poland. The Bank’s strong position is reinforced by companies from the Capital Group. Dom Maklerski (Brokerage House) of PKO Bank Polski is the leader with respect to the number and the value of IPO and SPO transactions at the capital market. After the take-over of Raiffeisen-Leasing Polska, the Capital Group became a leader at the lease market, with a share on the level of 13%. Efficient implementation of growth strategy made PKO Bank Polski the highest positioned domestic financial company in the Forbes Global 2000 ranking, including largest listed companies in the world. In 2016, The Banker monthly magazine that belongs to Financial Times, awarded PKO Bank Polski with the “Bank of the Year in Poland” prize for the third time.