ING · ING Groep N.V.

This acquisition represents a strategic expansion of ING’s asset management footprint in Poland, consolidating control over a top-tier local player with scale, client reach, and market leadership. By acquiring the remaining 55% stake in Goldman Sachs TFI — a firm managing PLN 56 billion across open mutual funds and dedicated portfolios — ING strengthens its ability to cross-sell investment products to its five million Polish retail and corporate clients while enhancing fee-based revenue diversification. The PLN 405 million purchase price reflects a valuation aligned with the target’s market position: #2 in Polish capital market mutual fund AUM and ~12% market share. Integration under the ING TFI brand signals full operational alignment and likely accelerates digital and distribution synergies across ING Bank Śląski’s nationwide branch network and digital channels. While the deal modestly pressures ING Bank Śląski’s capital ratios (–32 bps to total capital and Tier 1), its minimal impact on ING Group’s CET1 ratio confirms the transaction was sized and funded to preserve group-level capital resilience. Given the target’s established client base, regulatory licensing, and market credibility, the acquisition reduces execution risk compared to organic growth and positions ING to capture structural growth in Polish retail asset management amid rising household financialization and pension reform tailwinds.