Profil:
ING Bank Śląski SAING BSK aims to control Goldman Sachs TFI mutual funds, preliminarily agrees to buy 55 pct shares
Listed lender ING BSK has signed a preliminary agreement to purchase the remaining 55 percent of shares in Goldman Sachs TFI mutual funds for PLN 396 million (EUR 93.5 mln), the bank announced in a press release. The transaction is expected to be completed in the first half of 2026.
ING estimates that the transaction will reduce the consolidated total capital ratio and Tier 1 ratio by approximately 34 basis points.
"Observing both the growing wealth of Polish customers and significant demographic changes, we are increasingly seeing customers looking for alternatives to traditional savings products," said Michal Boleslawski, CEO of ING BSK, quoted in the press release.
"We are placing increasing emphasis on private banking and investment solutions. The acquisition of full control over Goldman Sachs TFI further strengthens our position in the investment and pension market. Under the ING brand, we want to offer customers a comprehensive range of solutions, from deposits to investment products," he added.
Since 2019, ING BSK, through its subsidiary ING Investment Holding, has held a 45 percent stake in Goldman Sachs TFI. Goldman Sachs Asset Management became a 55 percent shareholder in Goldman Sachs TFI in Poland after acquiring NN Investment Partners in 2022.
With the acquisition of the remaining 55 percent of shares, it will increase its stake to 100 percent.
"The final purchase price will be adjusted for the projected dividend equivalent for the period from January 1, 2026 to the month preceding the closing of the transaction," the announcement said.
"In addition, the bank and the seller have agreed that the dividend from the net profit for 2025 will be paid before the closing date of the transaction. The final purchase price may be subject to adjustments under the terms and conditions set out in the purchase agreement," it added.
The transaction will be completed subject to the fulfilment of conditions precedent, including a decision by the Polish financial watchdog KNF confirming that there are no grounds for objecting to the bank's acquisition of Goldman Sachs TFI shares in a number exceeding 50 percent of the share capital and the total number of votes at the Goldman Sachs TFI general meeting.
Goldman Sachs TFI serves over 736,000 clients, managing open-ended investment funds with various asset classes and dedicated asset management portfolios.
With a market share of approximately 12 percent, it ranks second on the Polish market in terms of the value of capital market funds. The assets managed under the transaction amount to PLN 48 billion (EUR 11.3 bln).
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