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1. Activities of the Group

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PKO Annual
Report Online
2020

Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (“PKO Bank Polski S.A.” or “the Bank”) was established by virtue of a decree signed on 7 February 1919 by the Head of State Józef Piłsudski, Prime Minister Ignacy Paderewski and Hubert Linde, first president of Pocztowa Kasa Oszczędnościowa. In 1950, the Bank began operating as Powszechna Kasa Oszczędności Bank Państwowy (state-owned bank). Pursuant to the Decree of the Council of Ministers dated 18 January 2000, Powszechna Kasa Oszczędności (a state-owned bank) was transformed into a state owned joint-stock company, Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna.

On 12 April 2000, Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna was registered and entered into the Commercial Register maintained by the District Court for the City of Warsaw, Commercial Court, 16th Registration Department. At present, the court with jurisdiction over the Bank’s affairs is the District Court in Warsaw, the 13th Business Department of the National Court Register. The Bank was registered under the number KRS 0000026438 and was assigned the statistical number REGON 016298263.

Country of registration Poland
Registered office Warsaw
Address of the registered office of the entity Puławska 15, 02-515 Warsaw

According to the Bulletin of the Warsaw Stock Exchange (Ceduła Giełdowa), the Bank is classified under the macro-sector ‘‘Finance’’, in the ‘‘Banks’’ sector.

The Powszechna Kasa Oszczędnościowa Bank Polski Spółka Akcyjna Group (“the PKO Bank Polski S.A. Group”, “the Bank’s Group”, “the Group”) conducts its operations within the territory of the Republic of Poland and through subsidiaries in Ukraine, Sweden and Ireland; it also has branches in the Federal Republic of Germany (“the German Branch”), the Czech Republic (“the Czech Branch”) and in the Slovak Republic (“the Slovak Branch”).

PKO Bank Polski S.A., as the parent company, is a universal deposit and credit bank which services both Polish and foreign individuals, legal and other entities. The Bank may hold and trade cash in foreign currencies, as well as conduct foreign exchange and foreign currency transactions, open and maintain bank accounts in banks abroad, and deposit foreign currency in those accounts.

Through its subsidiaries, the Group offers mortgage loans, provides specialized financial services related to leases, factoring, debt collection, investment funds, pension funds and insurance, as well as provides services related to car fleet management, transfer agent, technological solutions, IT outsourcing and business support, real estate management and also conducts banking operations and provides debt collection and financing services in Ukraine.

In 2020, the Bank did not change the name of the reporting entity or other identification data.

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The PKO Bank Polski S.A. Group consists of the following subsidiaries:

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No. ENTITY NAME REGISTERED OFFICE ACTIVITY % SHARE IN CAPITAL
DIRECT SUBSIDIARIES 31.12.2020 31.12.2019
1 PKO Bank Hipoteczny S.A. Warsaw banking activities 100 100
2 PKO Towarzystwo Funduszy Inwestycyjnych S.A. Warsaw investment fund management 100 100
3 PKO Leasing S.A. Łódź leases and loans 100 100
4 PKO BP BANKOWY PTE S.A. Warsaw pension fund management 100 100
5 PKO BP Finat sp. z o.o. Warsaw services, including transfer agent services and IT specialist outsourcing 100 100
6 PKO Życie Towarzystwo Ubezpieczeń S.A. Warsaw life insurance 100 100
7 PKO Towarzystwo Ubezpieczeń S.A. Warsaw other personal insurance and property insurance. 100 100
8 PKO Finance AB Stockholm, Sweden financial services 100 100
9 KREDOBANK S.A. Lviv,
Ukraine		 banking activities 100 100
10 Merkury – fizan1 Warsaw investing funds collected from fund participants 100 100
11 NEPTUN – fizan1 Warsaw 100 100
12 PKO VC – fizan1 Warsaw 100 100
ZenCard sp. z o.o.2 Warsaw IT services and products to support trade and services – 100
1) PKO Bank Polski S.A. has investment certificates of the Fund; the share in the Fund’s investment certificates of the Fund is presented in the item “Share in equity”.
2) On 31 July 2020 ZenCard sp. z o.o., as the acquiree, was combined with and PKO Finat sp. z o.o. as the acquirer.
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No. ENTITY NAME REGISTERED OFFICE ACTIVITY % SHARE IN CAPITAL*
INDIRECT SUBSIDIARIES 31.12.2020 31.12.2019
The PKO Leasing S.A. GROUP
1 PKO Agencja Ubezpieczeniowa sp. z o.o. Warsaw intermediation in concluding insurance agreements 100 100
1.1 PKO Leasing Finanse sp. z o.o. Warsaw sale of post-lease assets 100 100
2 PKO Leasing Sverige AB Stockholm, Sweden leasing 100 100
3 Prime Car Management S.A. Gdańsk leasing, fleet management 100 100
3.1 Futura Leasing S.A. Gdańsk leasing and sales of post-lease assets 100 100
3.2 Masterlease sp. z o.o. Gdańsk leasing 100 100
3.3 MasterRent24 sp. z o.o. Gdańsk short-term lease of cars 100 100
4 PKO Faktoring S.A. Warsaw factoring 100 100
5 ROOF Poland Leasing 2014 DAC1 Dublin, Ireland SPV established for securitization of lease receivables – –
6 Polish Lease Prime 1 DAC1 Dublin, Ireland – –
PKO Leasing Nieruchomości sp. z o.o.2 Warsaw leasing – 100
GRUPA PKO Życie Towarzystwo Ubezpieczeń S.A.
7 Ubezpieczeniowe Usługi Finansowe sp. z o.o. Warsaw services 100 100
GRUPA KREDOBANK S.A.
8 Finansowa Kompania „Idea Kapitał” sp. z o.o. Lviv, Ukraine services 100 100
Merkury – fiz an
9 „Zarząd Majątkiem Górczewska” sp. z o.o. Warsaw property management 100 100
10 Molina sp. z o.o. Warsaw general partner in partnerships limited by shares of a fund 100 100
11 Molina spółka z ograniczoną odpowiedzialnością 1 S.K.A. Warsaw buying and selling real estate on own account, property management 100 100
12 Molina spółka z ograniczoną odpowiedzialnością 2 S.K.A. Warsaw 100 100
13 Molina spółka z ograniczoną odpowiedzialnością 4 S.K.A. Warsaw 100 100
14 Molina spółka z ograniczoną odpowiedzialnością 5 S.K.A. w likwidacji3 Warsaw 100 100
15 Molina spółka z ograniczoną odpowiedzialnością 6 S.K.A. w likwidacji3 Warsaw 100 100
Molina spółka z ograniczoną odpowiedzialnością 3 S.K.A. w likwidacji4 Warsaw – 100
NEPTUN – fizan
16 Qualia sp. z o.o. Warsaw sale services in respect of developer products 100 100
17 Sarnia Dolina sp. z o.o. Warsaw development activities 100 100
18 Bankowe Towarzystwo Kapitałowe S.A. Warsaw services 100 100
18.1 „Inter-Risk Ukraina” spółka z dodatkową odpowiedzialnością5 Lviv, Ukraine debt collection 99,9 99,9
18.2 Finansowa Kompania „Prywatne Inwestycje” sp. z o.o.6 Lviv, Ukraine financial services 95,4676 95,4676
19 „CENTRUM HAFFNERA” sp. z o.o. Sopot subsidiary management 72,9766 72,9766
19.1 „Sopot Zdrój” sp. z o.o. Sopot property management 100 100
* Share in equity of the direct parent
1)In accordance with IFRS 10, PKO Leasing S.A. exercises control over the company, although it does not have a capital share in it.
2)On 28 February 2020, PKO Leasing Nieruchomości sp. z o.o., as the acquiree, was combined with and PKO Leasing S.A. as the acquirer.
3)On 1 September 2020, the company was put into liquidation.
4)On 18 June 2020, the company’s liquidation was completed, the company was deleted from the National Court Register.
5)Finansowa Kompania “Prywatne Inwestycje” sp. z o.o. is the second shareholder of the company.
6)“Inter-Risk Ukraina” – a company with additional liability – is the second shareholder of the company.

The Group holds the following associates and joint ventures.

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No. ENTITY NAME REGISTERED OFFICE ACTIVITY % SHARE IN CAPITAL*
31.12.2020 31.12.2019
Joint ventures of PKO Bank Polski S.A.
1 Operator Chmury Krajowej sp. z o.o. Warsaw cloud computing services 50 50
2 Centrum Elektronicznych Usług Płatniczych eService sp. z o.o. Warsaw financial services support activities, including handling transactions concluded using payment instruments 34 34
1  EVO Payments International s.r.o. Prague, the Czech Republic financial services support activities 100 100
Joint venture NEPTUN – fizan
2  „Centrum Obsługi Biznesu” sp. z o.o. Poznań property management 41,45 41,45
Joint venture PKO VC – fizan
3  BSafer sp. z o.o.1 Stalowa Wola managing marketing consents 35,06 –
Associates of PKO Bank Polski S.A.
1 Bank Pocztowy S.A. Bydgoszcz banking activities 25,0001 25,0001
2 „Poznański Fundusz Poręczeń Kredytowych” sp. z o.o. Poznań guarantees 33,33 33,33
* Share in equity of the entity exercising joint control / having a significant impact / the direct parent.
1) A joint venture of PKO VC - fizan since 18 March 2020.
Financial notes CONSOLIDATED STATEMENT OF CASH FLOWS
Financial notes 2. Changes to companies comprising the Group

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