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PKO Bank Polski

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Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna
Company typeSpółka akcyjna[1]
ISINPLPKO0000016
IndustryBanking, financial services
Founded7 February 1919; 105 years ago (1919-02-07) (as Pocztowa Kasa Oszczędności)[2][3]
1948 (as Powszechna Kasa Oszczędności)[4]
FounderJózef Piłsudski (Chief of State)
Ignacy Paderewski (Prime Minister)
Stefan Przanowski (Deputy Prime Minister)
Hubert Linde (Minister of Posts and Telegraphs)
HeadquartersWarsaw, Poland
Key people
Szymon Midera (Acting CEO)[5]
ProductsConsumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards
Increase PLN 5.5 billion (2023)[6]
Total assetsIncrease PLN 501.5 billion[6] ($124.6 billion) (2023)[7]
Number of employees
25,800 (FTE, 2020)[8]
Websitewww.pkobp.pl

Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna or PKO Bank Polski S.A. (lit.'General Savings Bank – Bank of Poland'), in short PKO BP or simply PKO, is a multinational banking and financial services company headquartered in Warsaw, Poland. It is one of the largest financial institutions in Poland and in Central and Eastern Europe.[9][10]

PKO BP provides services to both individual and business clients, with a core business in Polish retail banking. As of 2018, it had 1,145 branches located in Poland and abroad and a market capitalization of 52 billion Polish złoty, equivalent to 13.8 billion US dollar.

History

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PKO head office on Świętokrzyska Street in Warsaw in the 1930s
The same building in 2015, used by Polish Post

On 7 February 1919, by the order of the Head of State Józef Piłsudski, the Postal Savings Bank was created. Its first director was appointed on 28 December 1919, Hubert Linde [pl]. For many years during the Second Polish Republic, Henryk Gruber [pl] was the president of the PKO. With time, a bank's head office was established in Warsaw with headquarters at ul. Świętokrzyska 31/33 and the first local branches: in Kraków, Lwów, Łódź, Poznań, and Katowice. From 1920, the bank had a legal personality as a state institution.

The employees of the funds were associated in the Association of Postal Savers Workers, which had their own wheels at larger branches,[clarification needed] e.g. in Warsaw, in Łódź.[11]

During the German occupation of Poland, in the Second World War, Bank Polski operated under German management.[12]

In 1945, the cash register activity was resumed. On 1 January 1950, the Postal Savings Fund was liquidated, and its agencies were taken over by the General Savings Bank (Polish: Powszechna Kasa Oszczędności). In 1974, the PKO offer was enriched with a savings and settlement account for natural persons (commonly known as ROR).

From 1975 to 1987, the PKO branches operated within the structures of the National Bank of Poland, retaining their identity. On 1 November 1987, PKO Bank Polski became an independent bank again, as part of the economic reforms implemented by the communist government of Poland in its last years.

In 2019, they were announced the title sponsor for the Polish Ekstraklasa.[13]

On 2 February 2024 the bank dismissed eight out of eleven members of the supervisory board.[14] 5 days later, on 7 February 2024, the CEO of the bank Darius Szwed resigned, leaving the bank the following week.[15] On 15 February Szymon Midera was appointed as acting CEO.[16]

Operations

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PKO Rotunda in Warsaw
PKO building in Kraków [pl], completed 1925
PKO building in Łódź [pl], originally Łódzki Bank Handlowy
KredoBank in Lviv, PKO's subsidiary in Ukraine

Today (as at the end of 2015) PKO Bank Polski employs around 29,000 people and has a full-year net profit of over 7 billion PLN (more than 2 billion US dollars). Its assets are worth more than 285 billion PLN (around 80 billion US dollars). Bank was ranked 510 in the Forbes Global 2000 for year 2010.[17] The bank is also present outside Poland, notably in Ukraine after the acquisition of KredoBank (Кредобанк). The company is headquartered in central Warsaw.

Because of its size and position as one of the first banks, PKO Bank Polski is still one of the best recognized and most valuable brands in Poland. Specialists from The Banker magazine estimated the value of Bank's brand at US$1 billion and in Rzeczpospolita "Polish Brands 2010" ranking its value was set at PLN 3.6 billion.[18] In the 2011 edition of ranking "The BrandFinance® Banking 500" prepared by the British firm Brand Finance, which includes the most valuable bank brands in the world, PKO Bank Polski brand was valued at US$1.480 billion. It gives PKO Bank Polski the 1st place in Poland and Central and Eastern Europe and 114th place in the world.[19]

In 2023, the bank's total assets surpassed half a trillion Polish zloty level for the first time in its history.[20]

Ownership

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PKO Bank Polski is listed on the Warsaw Stock Exchange. As of 3Q 2020, the state directly and indirectly holds 31.39% of shares (29.43% belong to the State Treasury of Poland and 1.96% to state-owned Bank Gospodarstwa Krajowego).[6]

Financial data

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Year Net profit[21]
(in billion PLN)
Assets[21]
(in billion PLN)
2023 5.5 501.5
2022 3.3 438
2021 4.9 418
2020 -2.944 345
2019 3.835 317
2018 3.741 324.3
2017 3.104 296.9
2016 2.874 285.6
2015 2.609 266.93
2014 3.079 243.8
2013 3.234 196.3
2012 3.738 193.2
2011 3.807 190.7
2010 3.311 167.2
2009 2.432 153.7
2008 2.881 131.2
2007 2.720 105.3
2006 2.047 99.8
2005 1.676 90.3
2004 1.872 85.1
2003 1.228 84.4
2002 1.051 82.0

Capital Group

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PKO Bank Polski is the leader of the Capital Group. In addition to the parent, the group structure includes wholly owned and majority-owned subsidiaries and associates. These pursue their own business objectives whilst supporting the Bank's sales objectives and acting as its service providers. The subsidiary companies also complement the Bank's offer with such services as leasing, settlement of electronic card transactions, factoring and investment fund management.[22]

Companies in PKO Bank Polski Capital Group - Direct subsidiaries:

  • PKO Towarzystwo Funduszy Inwestycyjnych SA (investment fund management, Warsaw)
  • PKO BP Bankowy Powszechne Towarzystwo Emerytalne SA (pension fund management, Warsaw)
  • PKO Leasing SA (leasing services, Łódź)
  • PJSC KredoBank (financial services, Lviv, Ukraine)
  • Inter-Risk Ukraina Sp. z o.o. (debt collection services, Kyiv, Ukraine)
  • Finansowa Kompania "Prywatne Inwestycje" Sp. z o.o. (factoring, Kyiv, Ukraine)
  • PKO Życie Towarzystwo Ubezpieczeń SA (insurance services, Warsaw)
  • PKO Finance AB (financial services, Stockholm, Sweden)
  • Bankowe Towarzystwo Kapitałowe SA (services, Warsaw)
  • PKO BP Finat Sp. z o.o. (intermediary financial services, Warsaw)
  • Qualia Development Sp. z o.o. 3 (real estate development, Warsaw)
  • Centrum Haffnera Sp. z o.o. (property management subsidiaries, Sopot)
  • Merkury – fiz an (invest the funds collected from participants in the fund, Warsaw)

Presidents

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See also

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References

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  1. ^ "Statut: Powszechna Kasa Oszczędności bank Polski Spółka Akcyjna" (PDF). Archived from the original (PDF) on 2021-01-10. Retrieved 2020-05-28.
  2. ^ Dekret o utworzeniu Pocztowej Kasy Oszczędnościowej, Dz. U., 1919, vol. 14, No. 163
  3. ^ "PKO Bank Polski – 100 lat śmiałych decyzji". media.pkobp.pl. Retrieved 2021-02-10.
  4. ^ Dekret z dnia 25 października 1948 r. o reformie bankowej, Dz. U., 1948, vol. 52, No. 412
  5. ^ a b "PKO BP's supervisory board appoints Szymon Midera as acting CEO". Reuters. reuters.com. Retrieved 2024-04-04.
  6. ^ a b c "Financial results 3Q& 9M 2020" (PDF). PKO Bank Polski Investor Relations website. Third Quarter 2020. p. 44.
  7. ^ "The Global 2000". Forbes. Retrieved 15 September 2024.
  8. ^ "Charakterystyka działalności" (in Polish). Retrieved 18 November 2022.
  9. ^ "EBRD invests in PKO Bank Polski subordinated bonds". Retrieved 2019-06-06.
  10. ^ "PKO BANK POLSKI W LICZBACH". Retrieved 2019-06-07.
  11. ^ „Łódź w Ilustracji”, 1938, nr 1. s. 2 (grupa uczestników uroczystości poświęcenia łódzkiego lokalu Zrzeszenia; 9 XII 1937)
  12. ^ "Pocztowa Kasa Oszczędności historycznie początkiem działania PKO BP - Historia - polskieradio.pl". polskieradio.pl (in Polish). Retrieved 2024-04-04.
  13. ^ "PKO Bank Polski partnerem tytularnym Ekstraklasy" (in Polish). ekstraklasa.org. 28 June 2019. Retrieved 8 February 2021.
  14. ^ "Nowe rozdanie w PKO BP. Zmiany w największym banku w Polsce". www.money.pl (in Polish). 2024-02-02. Retrieved 2024-04-04.
  15. ^ "Trzęsienie ziemi w największym polskim banku. Prezes odchodzi". www.money.pl (in Polish). 2024-02-07. Retrieved 2024-04-04.
  16. ^ "PKO BP's supervisory board appoints Szymon Midera as acting CEO". Reuters. Retrieved 2024-04-04.
  17. ^ "Forbes Global 2000". Forbes.
  18. ^ "New current accounts in PKO Bank Polski's offer". PKO Bank Polski. 2011-03-10. Archived from the original on 2012-07-21.
  19. ^ "The BrandFinance® Banking 500". Brand Finance.
  20. ^ "Podsumowanie roku". pkobp.pl (in Polish). Retrieved 15 September 2024.
  21. ^ a b "PKO Bank Polski/Investor Relations".
  22. ^ "PKO Bank Polski/Capital Group".
  23. ^ "Dariusz Szwed nowym prezesem PKO BP. Zmiany w zarządzie banku". bankier.pl. 13 April 2023. Retrieved 2023-06-20.
  24. ^ "CEO of Poland's biggest bank PKO BP steps down". Reuters. reuters.com. Retrieved 2024-04-04.
  25. ^ a b "Największy polski bank ma nowego prezesa. To były wiceminister finansów". money.pl. 9 August 2022. Retrieved 2023-05-02.
  26. ^ "Jan Emeryk Rościszewski rezygnuje. Kim jest były prezes PKO BP?". businessinsider.com.pl. 14 October 2021. Retrieved 2023-05-02.
  27. ^ "Sprzedał prawie wszystkie akcje i zamyka drzwi. Prezes PKO BP odchodzi". businessinsider.com.pl. 7 June 2021. Retrieved 2023-05-02.
  28. ^ "Polish bank PKO BP appoints ex c.banker Pruski CEO". reuters.com. 12 April 2008. Retrieved 2023-05-02.
  29. ^ "Juszczak: Jagiełło robił i za mało, i za wolno. Działał za mało agresywnie [WYWIAD]". gazetaprawna.pl. 25 June 2021. Retrieved 2023-05-02.
  30. ^ "Marek Głuchowski został p.o. prezesa PKO BP". wnp.pl. Retrieved 2023-05-02.
  31. ^ "Sławomir Skrzypek 1963-2010". money.pl. 16 April 2010. Retrieved 2023-05-05.
  32. ^ "Prezes Podsiadło odchodzi z PKO BP". manager.money.pl. 27 June 2006. Retrieved 2023-05-05.
  33. ^ "Henryka Pieronkiewicz prezesem PKO BP SA". wiadomosci.wp.pl. 28 March 2000. Retrieved 2023-05-05.
  34. ^ "Prezes jak bumerang". biznes.interia.pl. Retrieved 2023-05-05.
  35. ^ "A statek płynie..." forbes.pl. Retrieved 2023-05-05.
  36. ^ "Dane osoby z katalogu kierowniczych stanowisk partyjnych i państwowych PRL". katalog.bip.ipn.gov.pl. Retrieved 2023-05-05.
  37. ^ "Gitler Józef (Nieznane)". new.ghetto.pl. Retrieved 2023-05-05.
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