ING Bank Śląski has agreed to purchase the remaining 55% stake in Goldman Sachs TFI from Goldman Sachs, giving the bank full ownership of one of Poland’s largest asset management firms. ING, which already holds 45% of the company through its subsidiary ING Investment Holding, will acquire the outstanding stake for PLN 396 million, equal to approximately €93 million at the current exchange rate. The deal is expected to close in the first half of 2026 pending standard regulatory approvals.
The acquisition marks a significant expansion for ING in Poland’s investment and retirement markets. Goldman Sachs TFI currently manages PLN 48 billion in assets across mutual funds and dedicated portfolios, serving more than 736,000 clients. With a market share near 12%, it is the second-largest manager of capital-market mutual funds in the country. Once integrated, the business will operate fully under the ING brand and broaden the bank’s suite of investment offerings, spanning deposits, private banking solutions, and investment products.
The move aligns with ING Group’s broader strategy to accelerate growth and deepen customer engagement in markets where digital demand and demographic changes are reshaping financial behavior. ING reported that Polish clients increasingly seek investment alternatives beyond traditional savings accounts. Full ownership of Goldman Sachs TFI provides the bank greater control over product development and the ability to deliver a more unified set of investment solutions.
Goldman Sachs Asset Management became the majority shareholder in Goldman Sachs TFI following its 2022 acquisition of NN Investment Partners. ING’s renewed ownership structure will reduce ING Bank Śląski’s consolidated total capital ratio and Tier 1 ratio by approximately 34 basis points, though the overall impact on ING Group’s CET1 ratio is expected to be minimal.
ING Bank Śląski remains one of the country’s largest banks, serving more than five million customers through digital channels and nationwide branches. As of September 2025, the bank reported PLN 230 billion in deposits and PLN 177 billion in outstanding loans, positioning it as the third-largest bank in Poland. ING Group holds a 75% stake in the bank, with the remaining 25% in free float on the Warsaw Stock Exchange.
KEY QUOTES
“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”.
Michał Bolesławski, CEO of ING Bank Śląski
“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.”
Pinar Abay, Global Head of Retail Banking and Member of ING Group’s Management Board Banking
