2022 Annual Report

1. Activities of the Group

2022 Annual Report

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, post and telegraph minister and simultaneously the first president, as 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, 13th Commercial Division 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 street 15, 02-515 Warszawa

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 in 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 2022 and 2021, the Bank did not change the name of the reporting unit or other identification data.

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

INDIRECT SUBSIDIARIES 31.12.2022  31.12.2021
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 outsourcing of IT specialists 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 Sollentuna, Sweden financial services 100 100
9 KREDOBANK S.A. Lviv, Ukraine banking activities 100 100
10 Merkury – fiz an1 Warsaw 100 100
11 NEPTUN – fizan1 Warsaw investing funds collected from fund participants 100 100
12 PKO VC – fizan1 Warsaw 100 100
1 PKO Bank Polski S.A. holds investment certificates of the Fund; the percentage of the Fund’s investment certificates held is presented in the item “Share in capital”.

INDIRECT SUBSIDIARIES 31.12.2022 31.12.2021
1 PKO Leasing S.A. GROUP 100 100
PKO Agencja Ubezpieczeniowa sp. z o.o. Warsaw intermediation in concluding insurance agreements
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
ROOF Poland Leasing 2014 DAC1 Dublin, Ireland SPV established for securitization of lease receivables
5 Polish Lease Prime 1 DAC2 Dublin, Ireland
6 GRUPA PKO Życie Towarzystwo Ubezpieczeń S.A 100 100
Ubezpieczeniowe Usługi Finansowe sp. z o.o. Warsaw services
7 „KREDOLEASING” sp. z o.o. Lviv, Ukraine in organization 100 100
Merkury – fiz an
8 „Zarząd Majątkiem Górczewska” sp. z o.o. Warsaw property management 100 100
9 Molina sp. z o.o. Warsaw general partner in partnerships limited by shares of a fund 100 100
10 Molina spółka z ograniczoną odpowiedzialnością 1 S.K.A. Warsaw buying and selling real estate on own account, real estate management 100 100
11 Molina spółka z ograniczoną odpowiedzialnością 2 S.K.A.3 Warsaw 100 100
12 Molina spółka z ograniczoną odpowiedzialnością 4 S.K.A.3 Warsaw 100 100
Molina spółka z ograniczoną odpowiedzialnością 5 S.K.A. w likwidacji4 Warsaw 100
13 Molina spółka z ograniczoną odpowiedzialnością 6 S.K.A. w likwidacji Warsaw 100 100
NEPTUN – fizan
14 Qualia sp. z o.o. Warsaw after-sale services in respect of developer products 100 100
15 Sarnia Dolina sp. z o.o. Warsaw development activities 100 100
16 Bankowe Towarzystwo Kapitałowe S.A. Warsaw services 100 100
16.1 „Inter-Risk Ukraina” spółka z dodatkową odpowiedzialnością5 Lviv, Ukraine debt collection 99.90 99.90
16.2 Finansowa Kompania „Prywatne Inwestycje” sp.z o.o.6 Kiev, Ukraine financial services 95.4676 95.4676
16.2.1 Finansowa Kompania „Idea Kapitał” sp. z o.o. Lviv, Ukraine services 100 100
17 „Sopot Zdrój” sp. z o.o. Sopot property management 72.9769 72.9766
* share of direct parent in the entity’s equity
1 In June 2022, the Company was deleted from the Irish register of companies and thus ceased to be part of the PKO Bank Polski S.A. Group. As at 31 December 2021, in accordance with IFRS 10, PKO Leasing S.A. exercised control over the Company, although it did not have an equity share in it
2 In accordance with IFRS 10, PKO Leasing S.A. exercises control over the company, although it does not have a capital share In it.
3The company’s Extraordinary General Shareholders’ Meeting resolved to put the company into liquidation as of 1 December 2022 – the change had not been entered in the National Court Register by 31 December 2022.
4The company’s liquidation was completed in July 2022 and the company was deleted from the National Court Register.
5Finansowa 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 has the following associates and joint ventures:

31.12.2022 31.12.2021
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, 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
Wspólne przedsięwzięcie PKO VC – fizan
3 BSafer sp. z o.o. Stalowa Wola managing marketing consents 35.06 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
3 System Ochrony Banków Komercyjnych S.A. Warsaw manager of the security system referred to in Article 130e of the Banking Law 21.11
* share in equity of the entity exercising joint control / having a significant impact / the direct parent.

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