ING Bank Śląski, a Polish subsidiary of Dutch lender ING, has agreed to acquire the remaining 55% stake in Goldman Sachs TFI to become the sole owner.
The bank already owns a 45% stake in the Polish asset management unit since 2019 through its subsidiary ING Investment Holding.
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Under the sale purchase agreement, the 55% stake in Goldman Sachs TFI is valued at 396m zlotys ($108m).
Goldman Sachs TFI manages open mutual funds across various asset classes and dedicated asset management portfolios, serving over 736,000 clients.
The company holds a market share of around 12% in Poland, ranking second in the market for assets under management of capital market mutual funds.
Goldman Sachs Asset Management became the majority shareholder with 55% ownership in 2022, following its acquisition of NN Investment Partners.
The transaction, involving assets under management worth up to 48bn zlotys ($13bn), is expected to reduce ING Bank Śląski’s consolidated total capital ratio and Tier 1 ratio by approximately 34 basis points.
ING Bank Śląski CEO Michał Bolesławski said: “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.
“We want to meet their needs in a simple, digital and safe way. We are placing increasing emphasis on Private Banking and investment solutions.
“Taking over full control of Goldman Sachs TFI further reinforces our position in the investment and retirement markets. Under the ING brand, we want to offer clients a comprehensive range of solutions – from deposits to investment products.”
ING said that the transaction will have a minimal impact on ING Group’s CET1 ratio.
The transaction is anticipated to close in the first half of 2026, upon receiving customary regulatory approvals.
ING Bank Śląski serves over five million retail and corporate clients through its digital channels and nationwide branch network.
ING Group holds 75% of the bank’s shares, with the remaining 25% held by minority shareholders via its listing on the Warsaw Stock Exchange.
ING Group retail banking global head banking management board member Pinar Abay said: “This transaction underscores our ambition to accelerate growth, increase impact and deliver value.
“Within our Growing the Difference strategy, we take this opportunity to improve our product offering in this important market and further diversify our income.”
Source: privatebankerinternational.com
