ING announced today that ING Bank Śląski has reached an agreement with Goldman Sachs on the full acquisition of the Polish asset management company Goldman Sachs TFI.
ING already owns 45% of the company and with acquiring the remaining 55% stake it brings its ownership to 100%.
“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,” said Michał Bolesławski, CEO of ING Bank Śląski. “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”.
Pinar Abay, global head of Retail Banking and member of ING Group’s Management Board Banking commented: “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.”
Goldman Sachs TFI serves over 736,000 clients, managing open mutual funds within various asset classes and dedicated asset management portfolios. With a market share of around 12%, it holds the second position in the Polish market in terms of assets under management of capital market mutual funds. Assets under management in scope of the transaction amount to PLN 48 billion.
ING Bank Śląski holds the current 45% of Goldman Sachs TFI since 2019, via its subsidiary ING Investment Holding. Goldman Sachs Asset Management became a 55% shareholder of Goldman Sachs TFI in Poland following its acquisition of NN Investment Partners in 2022. ING has signed a preliminary sale purchase agreement for the 55% stake in Goldman Sachs TFI for PLN 396 million (approximately €93 million at the relevant exchange rate). ING expects that the transaction will reduce ING Bank Śląski’s consolidated total capital ratio and Tier 1 ratio by approximately 34 bps. The transaction will have a minimal impact on ING Group’s CET1 ratio. Completion of the transaction is expected in the first half of 2026, subject to customary regulatory approvals.
ING Bank Śląski is one of the largest banks in Poland. It serves over five million retail and corporate clients via its digital channels and its nationwide network of branches. As of end September 2025 customer deposits amounted to PLN 230 billion, while customer loans amounted to PLN 177 billion, making ING Bank Śląski the third biggest bank in Poland. ING Bank Śląski is part of ING Group, which holds 75% of the shares, with the remaining 25% held by minority shareholders through its listing on the Warsaw Stock Exchange.