Poland's largest bank, PKO Bank Polski, plans to expand its presence in Ukraine through potential M&A transactions, including acquisitions of state-owned and privately owned banks.
PKO Bank Polski has operated in Ukraine through KredoBank since 2004. At the end of 2025, the Polish banking group's assets totaled PLN 583 billion (approximately €138 billion), exceeding the total assets of Ukraine's entire banking sector.
The group is currently exploring opportunities to acquire Ukrainian banks, including participation in the privatization of state-owned financial institutions.
Is PKO BP considering acquiring Sense Bank?
I cannot confirm this, as it is still too early to discuss. However, I am confident that PKO Bank Polski will become one of the key players in Ukraine's banking sector.
PKO BP is Poland's largest bank but has a relatively limited presence in Ukraine. Therefore, our natural ambition is to establish a broader presence in the country beyond KredoBank.
Is acquiring a Ukrainian bank possible during the war?
The timing depends on several factors, including the government's willingness to sell state-owned banks during the war and whether private owners are prepared to divest their Ukrainian banking assets. We are currently considering various options.
In my view, Ukraine would benefit more from integrating with developed economies, particularly the EU, now rather than waiting another year or two for potentially higher asset valuations. Ukraine's economy needs foreign capital.
Which Ukrainian banks are of interest to PKO BP?
We are considering all options: organic growth, participation in privatization, acquiring a privately owned bank, or other opportunities.
If an opportunity arises to acquire PrivatBank or another state-owned bank, we will consider it. However, no such opportunity is currently available.
When evaluating potential acquisitions, key considerations include risks associated with former owners, the bank's IT systems, and its geographical coverage.
For example, we did not consider acquiring Bank Lviv because KredoBank already has a strong position in western Ukraine. Instead, we are interested in expanding our presence in other regions, particularly Odesa, Kharkiv, and Poltava.
Is PKO BP interested in acquiring a controlling stake or a minority shareholding?
I do not believe that acquiring a minority stake would be an attractive strategy for PKO BP.
However, acquiring a majority stake alongside the EBRD, IFC, or other international financial institutions actively operating in Ukraine could be a promising option.
We would be pleased to contribute to Ukraine's future transformation, including through potential M&A transactions with such partners.
What will determine PKO BP's investment decisions in Ukraine?
An external adviser has already been engaged in Kyiv and Warsaw to develop PKO Bank Polski's strategy for its future presence in Ukraine.
The main factor will be geopolitics: the security situation, prospects for Ukraine's economy, the pace of EU integration, and Ukraine's relations with its European partners.
These factors will determine the group's future development strategy and long-term investment plans in Ukraine.
