In a significant shift in the Polish banking landscape, the Austrian Erste Group has signed an agreement to acquire nearly half of the shares in Santander Bank Polska and its investment fund subsidiary, Santander TFI. The deal, valued at approximately 7 billion PLN (about 1.5 billion euros), is expected to finalize by the end of 2025, paving the way for a nationwide rebranding of Santander branches, including those in smaller towns like Gostyń, starting in early 2026.
As reported by Bankier.pl, the impending acquisition means that the well-known Santander brand will likely disappear from the Polish market, as Erste Group intends to replace it with Erste Bank Polska. The rebranding will involve changing the bank's name, decor, and signage, with the new branding featuring blue and white colors characteristic of Erste. The existing Santander branch at ul. Bojanowskiego in Gostyń is expected to undergo a similar transformation.
Despite the changes on the horizon, current Santander customers can rest easy for now. "For clients of Santander Bank Polska, nothing changes immediately," said Monika Nowakowska, Director of Public Relations at Santander Bank Polska. Existing agreements will remain valid, and customers will continue to use their current accounts and loans without needing to sign new documents. Over time, however, the bank will begin to replace cards with new ones featuring the Erste logo and introduce new electronic banking systems.
The acquisition has raised questions about potential impacts on the Polish banking market. However, according to Michał Bolesławski, CEO of ING Bank Śląski, the acquisition will not lead to market disruption. He explained, "This type of acquisition shouldn’t generate any disturbances because one entity that does not exist in Poland is acquiring Santander in Poland, so there is no merger of existing banks. Therefore, we do not expect any significant upheaval."
Erste Group is a prominent financial services provider in Eastern Europe, serving approximately 17 million clients across seven countries, including Austria, the Czech Republic, and Hungary. With around 45,000 employees and total assets amounting to 358 billion euros as of the first quarter of 2025, Erste's acquisition of Santander Bank Polska marks a strategic expansion into the Polish market.
As the third-largest commercial bank in Poland, Santander Bank Polska had total assets of 304.37 billion PLN at the end of 2024, capturing a 9.1% market share. In comparison, Pekao and PKO BP, the two largest banks in Poland, have assets of 334 billion PLN and 525 billion PLN, respectively. Santander Bank Polska serves a diverse clientele, including 5.5 million retail customers, 557,000 small and medium-sized enterprises (SMEs), and 27,600 business and corporate banking clients.
With the acquisition, Erste Group also plans to introduce a new banking app, George, which is already in use in other countries where Erste operates. This modern application is expected to replace the current Santander Mobile app and will likely feature local functionalities, such as Blik, a popular payment system in Poland. While the transition to the new app and banking interface may take time, customers can expect a full digital transformation by 2027.
Interestingly, while the larger Santander Bank Polska brand is set to vanish, the Santander Consumer Bank will remain operational in Poland. This specialized institution focuses on consumer loans and savings products, without offering personal accounts or debit cards. The Santander Group also plans to acquire the remaining 60% of shares in Santander Consumer Bank to gain full control over this segment.
The transaction is not just significant for Erste Group but also highlights a broader trend in the financial sector where established banks seek strategic acquisitions to enhance their market positions. As the banking landscape evolves, customers and industry analysts alike will be watching closely to see how these changes unfold and what they mean for the future of banking in Poland.
As the transition approaches, both Erste Group and Santander Bank Polska have committed to keeping their customers informed about any changes that may affect them. The focus remains on maintaining high-quality banking services while adapting to the new ownership structure. With the finalization of this acquisition on the horizon, the next couple of years will be critical in determining how these two banking giants shape the future of financial services in Poland.
