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Bank Pekao

January 09, 2024

Not to be confused with PKO Bank Polski.

Bank Polska Kasa Opieki Spółka Akcyjna, commonly using the shorter name Bank Pekao S.A., is a universal bank and currently the second largest bank in Poland with its headquarters in Warsaw. The Italian bank UniCredit used to own 59% of the company.[4] It sold the bank in December 2016.[5] Now Powszechny Zakład Ubezpieczeń owns 20% of the company, Polish Development Fund 12.80%, UniCredit 6.28% and others 60.94%.

Bank Pekao S.A.
Bank Pekao headquarters on Grzybowska Street, Warsaw
TypeSpółka Akcyjna
ISINPLPEKAO00016
IndustryFinance and Insurance
Founded17 March 1929; 94 years ago (1929-03-17)
FounderMinistry of Treasury
Headquarters
Warsaw
,
Poland
Key people
Leszek Skiba, CEO
ProductsFinancial services
$ 563.1 million (2022)[1]
Total assets$ 62.1 billion (2022)[2]
Number of employees
13,497 (2021)[3]
Websitewww.pekao.com.pl

The bank was founded in 1929 by the Ministry of Treasury as a national bank, mainly to provide financial services to Poles living abroad.[4] In 1939 the bank had branches in virtually every capital city of countries where Poles lived.

The full name "Polska Kasa Opieki" may be translated literally as "Polish Bank of Aid", and the popular form "Pekao" sounds out the acronym "PKO".

History edit

Formative years edit

In 1929, the CEO of Pocztowa Kasa Oszczędności, Henryk Gruber, observed that there was a demand for a bank that could provide financial services to the eight million Poles living outside the country. Starting from these assumptions, on 17 March 1929,[6] the Ministry of Finance established Bank Polska Kasa Opieki Spółka Akcyjna.[7] On 29 October of the same year, the Warsaw District Court entered Bank Polska Kasa Opieki SA in the commercial register. The company's shareholders were Pocztowa Kasa Oszczędności, Bank Gospodarstwa Krajowego and Państwowy Bank Rolny. The first branches were opened in France, Argentina, and the United States, and in Tel Aviv (now Israel). By 1939 Pekao had branches in the capitals of most countries where Polish emigres had settled.[8]

People's Republic of Poland edit

After the end of World War II and the beginning of the Soviet domination in Poland, the bank took care of international financial operations conducted by the authorities of the newly established Polish People's Republic. With the bank's help, the Poles who live abroad could support their families behind the Iron Curtain. In 1968, the Minister of Finance authorized the establishment of foreign currency accounts for persons working abroad in Bank Pekao. Monopoly on their conduct Pekao lost only in 1989 with the onset of economic reforms that swept in Poland and the communist bloc.[9]

In the 1970s, currency accounts in Pekao were divided into three categories: Account A for people paying currencies with documented origin,[10] B accounts for payments with undocumented origin, and C accounts for foreigners. The funds from B accounts could not be legally exported abroad, but in 1976 the rights of A and B accounts were leveled.[10] In 1974, the bank had around 91,000 registered accounts. At the end of the 1980s, the total value of foreign currency accounts was US$3.3 billion.[11]

Much earlier, in 1960, the bank began issuing its own vouchers, "Bon Towarowy PeKaO", denominated in US dollars. Initially, for these vouchers (as well as directly for convertible currencies deposited in domestic and foreign bank representations) it was possible to buy both foreign and deficit domestic goods in the foreign sales network operated directly by Bank Pekao.[12] The offer of the bank for individual clients included a variety of goods covering, among others, groceries (including "Krakus" ham and western chewing gum), alcohol, cosmetics, textiles, household appliances, bicycles, motorcycles, cars, trucks, tractors, agricultural machinery, fuel, building materials, installation and sanitary equipment, and also apartments and furniture. This retail network was created with the establishment of the Pewex "internal export" company, in 1972 out of the bank's structures.[10]

Third Polish Republic (1989–present) edit

 
Logo of Pekao UniCredit

On 3 August 1999, Pekao became a member of the UniCredit company.[13]

In December 2016, Polish state-owned PZU together with Polish Development Fund acquired Bank Pekao – Poland's second largest bank previously owned by Italian bank UniCredit by buying a 32.8% stake in the bank for the amount of PLN 10.6 billion (EUR 2.6 billion).[14]

In September 2018 Bank Pekao has opened a representative office in London, with the aim to facilitate cooperation between Poland and the UK and to stay close to their clients and investors. Bank Pekao also plans on opening several other offices across Europe.[15]

At the end of 2020, Bank Pekao announced its acquisition of Idea Bank, which was subjected to compulsory restructuring to prevent bankruptcy. The acquisition was facilitated by Poland's Bank Guarantee Fund (BGF), an institution aiming to maintain stability in the financial system and resolving issues with financially distressed institutions.[16]

Since 2022, the Headquarters of the Bank are located in the Forest Tower in Warsaw, Poland.[17][18]

In 2022 Bank Pekao's profits declined by 48.8% due to two main factors.[19] The first reason was the introduction of payment holidays by the polish government, which allowed mortgage holders to postpone payment instalments, which in turn led to a cost of 2.4 billion zlotys ($498.4 million) for the bank.[20] The second reason were the increased provisions for legal risks as bank Pekao expected a higher number of court cases related to the long-running Swiss franc mortgage affair.[21] After initially predicting a decrease in interest margins for 2023, due to higher deposit costs and the potential of the polish central bank reducing interest rates,[22] for the first quarter of 2023 the net interest income grew by 34% to 2.77 billion zlotys ($651.1 million), while the net profit surged by 60% to 1.45 billion zlotys ($349.7 million).[23]

In early 2023, Bank Pekao, alongside three other banks, signed a cooperation agreement with Orlen Synthos Green Energy (OSGE). The agreement aims to provide financing for the construction of several BWRX-300 small modular reactors (SMs) in the country. According to Bank Pekao's President, Leszek Skiba, the investment was made because nuclear energy production aligns with Bank Pekao's aspirations to be a leader in Poland's energy transformation.[24][25]

List of directors edit

List of Bank Pekao CEOs:

Pekao Group edit

Apart from Pekao Bank, Pekao Group's subsidiaries are:

  • Centralny Dom Maklerski Pekao SA
  • Centrum Bankowości Bezpośredniej Sp. z o.o. (call center)
  • Pekao Leasing Sp. z o.o.
  • Pekao Investment Banking SA
  • Pekao Leasing Holding SA
  • Pekao Leasing Sp. z o.o.
  • Pekao Faktoring Sp. z o.o.
  • Pekao Pioneer Powszechne Towarzystwo Emerytalne SA
  • Centrum Kart S.A
  • Pekao Bank Hipoteczny SA (działalność bankowa)
  • Pekao Financial Services Sp. z o.o.
  • Pekao Fundusz Kapitałowy Sp. z o.o.
  • Pekao Property SA
  • FPB – Media Sp. z o.o.

Miscellaneous edit

Bank Pekao was the official bank and sponsor of the UEFA EURO in 2012.[13]

Gallery edit

  •  
    Bank Pekao SA's flag with characteristic logo
  •  
    Bank Pekao SA Head Office in Warsaw
  •  
    Bank Pekao Building in Kraków
  •  
    Bank Pekao in Warsaw
  •  
    Bank Pekao in Tarnów
  •  
    Bank Pekao in Kalisz
  •  
    Branch of Bank Pekao in Bydgoszcz

See also edit

References edit

  1. ^ "The Global 2000 2022". Forbes. Retrieved 31 March 2023.
  2. ^ "The Global 2000 2022". Forbes. Retrieved 31 March 2023.
  3. ^ "Banki w Polsce 2021. Ranking największych banków" (in Polish). Retrieved 26 August 2021.
  4. ^ a b "Banks in Poland - Overview of Top 10 Banks in Poland". Corporate Finance Institute. Retrieved 2019-01-09.
  5. ^ Foy, Henry (2 January 2017). "New Bank Pekao owner vows to keep it independent". Financial Times. Retrieved 2019-01-09.
  6. ^ GmbH, finanzen net. . markets.businessinsider.com. Archived from the original on 2020-10-20. Retrieved 2019-01-10.
  7. ^ "Bank Pekao S.A." it-offshore.com. Retrieved 2019-01-10.
  8. ^ . 2014-08-26. Archived from the original on 2018-07-15. Retrieved 2018-07-14.
  9. ^ "Bank Pekao - Historia". www.banki.pl (in Polish). Retrieved 2023-04-25.
  10. ^ a b c (PDF). www.degruyter.com. Archived from the original (PDF) on 2019-01-10. Retrieved 2019-01-10.
  11. ^ Witold Gadomski (2013-06-07). "Alehistoria, Tygodnik Historyczny, dodatek do Gazety Wyborczej".
  12. ^ . culture.polishsite.us. Archived from the original on 2011-08-27. Retrieved 2019-01-10.
  13. ^ a b "History of Bank Pekao - Bank Pekao S.A." www.pekao.com.pl. Retrieved 2019-12-16.
  14. ^ "UniCredit sells Bank Pekao stake to Powszechny Zakład Ubezpieczeń and Polski Fundusz Rozwoju". 8 December 2016. Retrieved 19 December 2016.
  15. ^ "Poland's Bank Pekao opens London office". Emerging Europe. 2018-09-24. Retrieved 2023-06-27.
  16. ^ "Poland's Pekao to take over Idea Bank after compulsory restructuring". Reuters. 2020-12-31. Retrieved 2023-06-27.
  17. ^ "Bank Pekao moves HQ to 18 floors of Forest Tower | EurobuildCEE". eurobuildcee.com. Retrieved 2023-06-27.
  18. ^ "Bank Pekao takes 30,000 sqm in Warsaw skyscraper". Property Forum. Retrieved 2023-06-27.
  19. ^ "Polish banks' fortunes dip as regulatory burden bites". www.spglobal.com. Retrieved 2023-06-28.
  20. ^ "Polish bank Pekao sent to net loss by payment holidays". Reuters. 2022-11-03. Retrieved 2023-06-28.
  21. ^ "Polish banks may book more provisions to cover Swiss franc mortgage risk". www.spglobal.com. Retrieved 2023-06-28.
  22. ^ Rabiega, Mateusz (2023-03-02). "Polish bank Pekao expects interest margins to decline this year -CEO". Reuters. Retrieved 2023-06-28.
  23. ^ "Poland's Bank Pekao first-quarter net profit surges 60%". Yahoo Finance. 2023-04-27. Retrieved 2023-06-28.
  24. ^ S.A, Telewizja Polska. "Several small modular reactors to be built in Poland". tvpworld.com (in Polish). Retrieved 2023-06-28.
  25. ^ "Finance agreed for Polish SMR plans - Nuclear Engineering International". www.neimagazine.com. Retrieved 2023-06-28.
  26. ^ "Igor Chalupec, partner i prezes Icentis oraz prezes Ruch SA". polskieradio24.pl (in Polish). Retrieved 2023-04-25.
  27. ^ "Dorosz Andrzej" (in Polish). 2013-08-14. Retrieved 2023-04-25.
  28. ^ "Poland Mulling Wisniewska for Central Bank Governor, Rp.pl Says". Bloomberg.com. 2010-05-14. Retrieved 2023-04-25.
  29. ^ "Jan Krzysztof Bielecki - jak były premier został mentorem". forsal.pl (in Polish). 2015-01-20. Retrieved 2023-04-25.
  30. ^ "New boss to put Pekao in Pole position". www.intellinews.com. 2010-03-15. Retrieved 2023-04-25.
  31. ^ Za, Valentina; Fonte, Giuseppe (2023-03-25). "Italy to hand Monte dei Paschi CEO Lovaglio new mandate". Reuters. Retrieved 2023-04-25.
  32. ^ "Poland's Bank Pekao to name Krupinski as new CEO - statement". Reuters. 2017-06-14. Retrieved 2023-04-25.
  33. ^ Ceglarz, Jakub (29 November 2019). "Marek Lusztyn nowym prezesem Pekao. Kim jest następca Michała Krupińskiego?". www.money.pl (in Polish). Retrieved 2023-04-25.
  34. ^ "Prezes zarządu Banku Pekao S.A.: Ruszymy jako pierwsi z kredytem 2 procentowym". Gazeta Wrocławska (in Polish). 2023-03-28. Retrieved 2023-04-25.

External links edit

  •   Media related to Pekao at Wikimedia Commons


January 09, 2024
bank, pekao, confused, with, bank, polski, bank, polska, kasa, opieki, spółka, akcyjna, commonly, using, shorter, name, universal, bank, currently, second, largest, bank, poland, with, headquarters, warsaw, italian, bank, unicredit, used, company, sold, bank, . Not to be confused with PKO Bank Polski Bank Polska Kasa Opieki Spolka Akcyjna commonly using the shorter name Bank Pekao S A is a universal bank and currently the second largest bank in Poland with its headquarters in Warsaw The Italian bank UniCredit used to own 59 of the company 4 It sold the bank in December 2016 5 Now Powszechny Zaklad Ubezpieczen owns 20 of the company Polish Development Fund 12 80 UniCredit 6 28 and others 60 94 Bank Pekao S A Bank Pekao headquarters on Grzybowska Street WarsawTypeSpolka AkcyjnaTraded asWSE PEOWIG30 componentISINPLPEKAO00016IndustryFinance and InsuranceFounded17 March 1929 94 years ago 1929 03 17 FounderMinistry of TreasuryHeadquartersWarsaw PolandKey peopleLeszek Skiba CEOProductsFinancial servicesNet income 563 1 million 2022 1 Total assets 62 1 billion 2022 2 Number of employees13 497 2021 3 Websitewww pekao com plThe bank was founded in 1929 by the Ministry of Treasury as a national bank mainly to provide financial services to Poles living abroad 4 In 1939 the bank had branches in virtually every capital city of countries where Poles lived The full name Polska Kasa Opieki may be translated literally as Polish Bank of Aid and the popular form Pekao sounds out the acronym PKO Contents 1 History 1 1 Formative years 1 2 People s Republic of Poland 1 3 Third Polish Republic 1989 present 2 List of directors 3 Pekao Group 4 Miscellaneous 5 Gallery 6 See also 7 References 8 External linksHistory editFormative years edit In 1929 the CEO of Pocztowa Kasa Oszczednosci Henryk Gruber observed that there was a demand for a bank that could provide financial services to the eight million Poles living outside the country Starting from these assumptions on 17 March 1929 6 the Ministry of Finance established Bank Polska Kasa Opieki Spolka Akcyjna 7 On 29 October of the same year the Warsaw District Court entered Bank Polska Kasa Opieki SA in the commercial register The company s shareholders were Pocztowa Kasa Oszczednosci Bank Gospodarstwa Krajowego and Panstwowy Bank Rolny The first branches were opened in France Argentina and the United States and in Tel Aviv now Israel By 1939 Pekao had branches in the capitals of most countries where Polish emigres had settled 8 People s Republic of Poland edit After the end of World War II and the beginning of the Soviet domination in Poland the bank took care of international financial operations conducted by the authorities of the newly established Polish People s Republic With the bank s help the Poles who live abroad could support their families behind the Iron Curtain In 1968 the Minister of Finance authorized the establishment of foreign currency accounts for persons working abroad in Bank Pekao Monopoly on their conduct Pekao lost only in 1989 with the onset of economic reforms that swept in Poland and the communist bloc 9 In the 1970s currency accounts in Pekao were divided into three categories Account A for people paying currencies with documented origin 10 B accounts for payments with undocumented origin and C accounts for foreigners The funds from B accounts could not be legally exported abroad but in 1976 the rights of A and B accounts were leveled 10 In 1974 the bank had around 91 000 registered accounts At the end of the 1980s the total value of foreign currency accounts was US 3 3 billion 11 Much earlier in 1960 the bank began issuing its own vouchers Bon Towarowy PeKaO denominated in US dollars Initially for these vouchers as well as directly for convertible currencies deposited in domestic and foreign bank representations it was possible to buy both foreign and deficit domestic goods in the foreign sales network operated directly by Bank Pekao 12 The offer of the bank for individual clients included a variety of goods covering among others groceries including Krakus ham and western chewing gum alcohol cosmetics textiles household appliances bicycles motorcycles cars trucks tractors agricultural machinery fuel building materials installation and sanitary equipment and also apartments and furniture This retail network was created with the establishment of the Pewex internal export company in 1972 out of the bank s structures 10 Third Polish Republic 1989 present edit nbsp Logo of Pekao UniCreditOn 3 August 1999 Pekao became a member of the UniCredit company 13 In December 2016 Polish state owned PZU together with Polish Development Fund acquired Bank Pekao Poland s second largest bank previously owned by Italian bank UniCredit by buying a 32 8 stake in the bank for the amount of PLN 10 6 billion EUR 2 6 billion 14 In September 2018 Bank Pekao has opened a representative office in London with the aim to facilitate cooperation between Poland and the UK and to stay close to their clients and investors Bank Pekao also plans on opening several other offices across Europe 15 At the end of 2020 Bank Pekao announced its acquisition of Idea Bank which was subjected to compulsory restructuring to prevent bankruptcy The acquisition was facilitated by Poland s Bank Guarantee Fund BGF an institution aiming to maintain stability in the financial system and resolving issues with financially distressed institutions 16 Since 2022 the Headquarters of the Bank are located in the Forest Tower in Warsaw Poland 17 18 In 2022 Bank Pekao s profits declined by 48 8 due to two main factors 19 The first reason was the introduction of payment holidays by the polish government which allowed mortgage holders to postpone payment instalments which in turn led to a cost of 2 4 billion zlotys 498 4 million for the bank 20 The second reason were the increased provisions for legal risks as bank Pekao expected a higher number of court cases related to the long running Swiss franc mortgage affair 21 After initially predicting a decrease in interest margins for 2023 due to higher deposit costs and the potential of the polish central bank reducing interest rates 22 for the first quarter of 2023 the net interest income grew by 34 to 2 77 billion zlotys 651 1 million while the net profit surged by 60 to 1 45 billion zlotys 349 7 million 23 In early 2023 Bank Pekao alongside three other banks signed a cooperation agreement with Orlen Synthos Green Energy OSGE The agreement aims to provide financing for the construction of several BWRX 300 small modular reactors SMs in the country According to Bank Pekao s President Leszek Skiba the investment was made because nuclear energy production aligns with Bank Pekao s aspirations to be a leader in Poland s energy transformation 24 25 List of directors editList of Bank Pekao CEOs Marian Kanton 1989 1996 26 Andrzej Dorosz 1996 1998 27 Maria Paslo Wisniewska 1998 2003 28 Jan Krzysztof Bielecki 2003 2010 29 Alicja Kornasiewicz 2010 2011 30 Luigi Lovaglio 2011 2017 31 Michal Krupinski 2017 2019 32 Marek Lusztyn 2019 2020 33 Leszek Skiba 2020 34 Pekao Group editApart from Pekao Bank Pekao Group s subsidiaries are Centralny Dom Maklerski Pekao SA Centrum Bankowosci Bezposredniej Sp z o o call center Pekao Leasing Sp z o o Pekao Investment Banking SA Pekao Leasing Holding SA Pekao Leasing Sp z o o Pekao Faktoring Sp z o o Pekao Pioneer Powszechne Towarzystwo Emerytalne SA Centrum Kart S A Pekao Bank Hipoteczny SA dzialalnosc bankowa Pekao Financial Services Sp z o o Pekao Fundusz Kapitalowy Sp z o o Pekao Property SA FPB Media Sp z o o Miscellaneous editBank Pekao was the official bank and sponsor of the UEFA EURO in 2012 13 Gallery edit nbsp Bank Pekao SA s flag with characteristic logo nbsp Bank Pekao SA Head Office in Warsaw nbsp Bank Pekao Building in Krakow nbsp Bank Pekao in Warsaw nbsp Bank Pekao in Tarnow nbsp Bank Pekao in Kalisz nbsp Branch of Bank Pekao in BydgoszczSee also editBon PeKaO Ukrsotsbank nbsp Banks portal nbsp Poland portalReferences edit The Global 2000 2022 Forbes Retrieved 31 March 2023 The Global 2000 2022 Forbes Retrieved 31 March 2023 Banki w Polsce 2021 Ranking najwiekszych bankow in Polish Retrieved 26 August 2021 a b Banks in Poland Overview of Top 10 Banks in Poland Corporate Finance Institute Retrieved 2019 01 09 Foy Henry 2 January 2017 New Bank Pekao owner vows to keep it independent Financial Times Retrieved 2019 01 09 GmbH finanzen net Stock BANK POLSKA KASA OPIEKI Stock Price Today Markets Insider markets businessinsider com Archived from the original on 2020 10 20 Retrieved 2019 01 10 Bank Pekao S A it offshore com Retrieved 2019 01 10 HISTORIA BANKU PEKAO SA 2014 08 26 Archived from the original on 2018 07 15 Retrieved 2018 07 14 Bank Pekao Historia www banki pl in Polish Retrieved 2023 04 25 a b c BLACK MARKET FINANCIAL CRIMES COMMITTED FOR PERSONAL PURPOSES PDF www degruyter com Archived from the original PDF on 2019 01 10 Retrieved 2019 01 10 Witold Gadomski 2013 06 07 Alehistoria Tygodnik Historyczny dodatek do Gazety Wyborczej Polish dollars did they really exist Yes culture polishsite us Archived from the original on 2011 08 27 Retrieved 2019 01 10 a b History of Bank Pekao Bank Pekao S A www pekao com pl Retrieved 2019 12 16 UniCredit sells Bank Pekao stake to Powszechny Zaklad Ubezpieczen and Polski Fundusz Rozwoju 8 December 2016 Retrieved 19 December 2016 Poland s Bank Pekao opens London office Emerging Europe 2018 09 24 Retrieved 2023 06 27 Poland s Pekao to take over Idea Bank after compulsory restructuring Reuters 2020 12 31 Retrieved 2023 06 27 Bank Pekao moves HQ to 18 floors of Forest Tower EurobuildCEE eurobuildcee com Retrieved 2023 06 27 Bank Pekao takes 30 000 sqm in Warsaw skyscraper Property Forum Retrieved 2023 06 27 Polish banks fortunes dip as regulatory burden bites www spglobal com Retrieved 2023 06 28 Polish bank Pekao sent to net loss by payment holidays Reuters 2022 11 03 Retrieved 2023 06 28 Polish banks may book more provisions to cover Swiss franc mortgage risk www spglobal com Retrieved 2023 06 28 Rabiega Mateusz 2023 03 02 Polish bank Pekao expects interest margins to decline this year CEO Reuters Retrieved 2023 06 28 Poland s Bank Pekao first quarter net profit surges 60 Yahoo Finance 2023 04 27 Retrieved 2023 06 28 S A Telewizja Polska Several small modular reactors to be built in Poland tvpworld com in Polish Retrieved 2023 06 28 Finance agreed for Polish SMR plans Nuclear Engineering International www neimagazine com Retrieved 2023 06 28 Igor Chalupec partner i prezes Icentis oraz prezes Ruch SA polskieradio24 pl in Polish Retrieved 2023 04 25 Dorosz Andrzej in Polish 2013 08 14 Retrieved 2023 04 25 Poland Mulling Wisniewska for Central Bank Governor Rp pl Says Bloomberg com 2010 05 14 Retrieved 2023 04 25 Jan Krzysztof Bielecki jak byly premier zostal mentorem forsal pl in Polish 2015 01 20 Retrieved 2023 04 25 New boss to put Pekao in Pole position www intellinews com 2010 03 15 Retrieved 2023 04 25 Za Valentina Fonte Giuseppe 2023 03 25 Italy to hand Monte dei Paschi CEO Lovaglio new mandate Reuters Retrieved 2023 04 25 Poland s Bank Pekao to name Krupinski as new CEO statement Reuters 2017 06 14 Retrieved 2023 04 25 Ceglarz Jakub 29 November 2019 Marek Lusztyn nowym prezesem Pekao Kim jest nastepca Michala Krupinskiego www money pl in Polish Retrieved 2023 04 25 Prezes zarzadu Banku Pekao S A Ruszymy jako pierwsi z kredytem 2 procentowym Gazeta Wroclawska in Polish 2023 03 28 Retrieved 2023 04 25 External links editPekao Bank s history page nbsp Media related to Pekao at Wikimedia Commons Retrieved from https en wikipedia org w index php title Bank Pekao amp oldid 1184013356, wikipedia, wiki, book, books, library,

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