ING Bank Śląski, one of Poland’s largest banks with over five million clients, has reached an agreement with Goldman Sachs for the full acquisition of Polish asset management company Goldman Sachs TFI, increasing ING’s ownership from 45% to 100%.
The transaction, expected to be completed in H1 2026 subject to regulatory approvals, will see ING Bank Śląski pay PLN 396 million (approximately €93 million) for the remaining 55% stake held by Goldman Sachs Asset Management.
Goldman Sachs became the majority shareholder of Goldman Sachs TFI following its €1.7 billion acquisition of NN Investment Partners in 2022, while ING’s Polish subsidiary has maintained a 45% interest since 2019 through ING Investment Holding.
Founded in 1997, Goldman Sachs TFI offers various retirement accounts and over 30 investment fund options. The unit serves over 736,000 clients and holds a market share of approximately 12%, ranking second in Poland for assets under management of capital market mutual funds.
“As we observe both the growing affluence of Polish customers and important demographic shifts, we see that customers are more often looking for alternatives to traditional saving products,” states Michał Bolesławski, CEO of ING Bank Śląski.
“We are placing increasing emphasis on private banking and investment solutions,” Bolesławski continues. “Taking over full control of Goldman Sachs TFI further reinforces our position in the investment and retirement markets.”
ING Bank Śląski ranks as Poland’s third-largest bank, with customer deposits of around €53 billion and customer loans of €41 billion. The lender became the first Polish client of the Vault core banking system from UK banking technology vendor Thought Machine in 2021.
ING, which holds 75% of ING Bank Śląski shares, has not disclosed plans to change Goldman Sachs TFI’s branding or leadership.
Source: https://www.fintechfutures.com/
