About report

ING Bank Śląski S.A. Group has compiled the annual report in line with the best global practices of integrated reporting. To help readers use the interactive tools, we prepared a user guide with key features. We encourage you to watch a short animated video before reading the report.

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Integrated Annual Report
of ING Bank Śląski S.A. 2019

Who we are

We are a universal bank that has been on the market for 30 years. We are constantly developing. We create value in both financial and non-financial terms. We contribute to the development of the economy but we are aware that we also affect employees, society and the environment.

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    Location of headquarters
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    Location of operations
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    Markets served
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    Scale of the organization
We started our activity on the Polish banking market exactly 30 years ago, in 1989.

We enjoy the position of one of the largest all-round banks in Poland. We render services to both retail clients and business entities.

As at 2019 yearend, we operated through 317 branches and 65 ING Express points. These are meeting places where our clients can ask for advice and talk. We provide our clients with modern online and mobile banking systems so that they can quickly and independently manage their finances.

Our organisation has two main locations – in Warsaw and in Katowice. This is where we take the most important decisions concerning the operations of our Bank. The Management Board is seated there as well. ING Bank Śląski S.A. is formally registered in Katowice. As at the end of December 2019, as a Group we employed over 8,000 people.

We are inspiring and empowering our clients to make accurate financial decisions. We provide them with tools to make banking easy, transparent and available 24/7. Delivery of our strategy is supported by our strong brand.

ING is one of the three best recognisable banking brands in Poland. This is confirmed by the “Brand Tracking” study conducted by Kantar Millward Brown (CAPI measurement method, October-December 2019). The bank’s offer is attractive to consumers – we take first place in account, savings and loans consideration (CAWI measurement method, October-December 2019).  ING definitely stands out from the competition at the image level. We are the leaders in two dimensions of key importance for ING: “bank for the resourceful and enterprising” and “bank which responds to people’s needs” (CAPI and CAWI October-December 2019).

Bank shares have been quoted on the Warsaw Stock Exchange since 1994. Since the very index formation (September 2013), we have been among the WIG30 companies. We are the only company from the finance sector which has been uninterruptedly present (for all its rounds) in the Respect Index (the index of most socially responsible WSE companies). Our Bank shares are included in the WIG-ESG index, which replaced the Respect Index.

Who is the owner of our bank

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    Ownership and legal form

Shareholding structure

*As per annually reported assets structure of Aviva Otwarty Fundusz Emerytalny Aviva Santander, as at 31 December 2019.Avi

Our bank is a public company. It means that every single person can co-own it by acquiring shares on the Warsaw Stock Exchange. As at 2019 yearend, 75% of shares were held by ING Bank N.V. from the Netherlands, while 8.40% were owned by Aviva Otwarty Fundusz Emerytalny Aviva Santander (as per annually reported assets structure of Aviva Otwarty Fundusz Emerytalny Aviva Santander as at 31 December 2019). The other shares (16.60%) are held by remaining investors, mainly of other open-end pension funds and investment fund companies.

The structure of exposure of particular open-end pension funds (based on their asset structure reports as at the end of 2019) to our bank’s shares is as shown in the chart below.

OFEsshare in the shareholding structure of ING Bank Śląski at the end of 2019

For detailed information on the controlling shareholder of the Bank, see Chapter „ING Bank Śląski S.A. Management Board Reports on Observance of Principles of Corporate Governance” in item “Profile of the Controlling Shareholder

How does ING Group operate in Poland

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    Name of the organization
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    Significant changes to the organization and its supply chain
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    Entities included in the consolidated financial statements

ING Bank Śląski S.A. is a parent company of the ING Bank Śląski S.A. Group. As a Group, for 30 business years, we have managed to establish our position among the top financial institutions in Poland. We are number five as far as the balance sheet total is concerned (over PLN 158.6 billion as at 2019 yearend) and number four in terms of the commercial balance (the total of deposits and loans). We form the Group together with the subsidiaries, where we operate in the area of:

  • leasing,
  • factoring,
  • financial advisory and intermediary services,
  • payroll and accounting services.

The Group members are also the founders of ING for Children Foundation and ING Polish Art Foundation.

In 2019, the Bank and its subsidiaries did not conclude any transactions with related entities that would be individually or jointly significant and concluded other than on the arm’s length basis.

ING Bank Śląski performs operations with ING Bank N.V. and its subsidiaries on the inter-bank market. These are both short-term deposits and loans, as well as operations in derivatives. Moreover, ING Lease Sp. z o.o. received long-term funding for leasing contracts in EUR (“matched funding”). All of the above transactions are carried out on an arm’s length basis.

Operating costs incurred by the Bank for the parent entity result primarily from contracts for the provision of consultancy and advisory services, data processing and analysis, provision of software licenses and IT support. In terms of costs incurred by the Bank for other related entities, outsourcing agreements play a dominant role regarding the provision of system resource hosting services for various applications, leasing of IT equipment, monitoring the availability and performance of applications and IT infrastructure as well as penetration testing and IT security monitoring. You can read more about transactions with related entities in the “Related entities” note in the Annual Consolidated Financial Statements of the ING Bank Śląski S.A.Capital Group. for 2019.

Changes to Group structure

On 18 December 2018, ING Bank Śląski and its subsidiary, ING Investment Holding (Polska) S.A., signed with NN Investment Partners International Holdings B.V. preliminary agreement for the acquisition of a 45% of shares of NN Investment Partners TFI S.A. (NN TFI). According to the purchase agreement, the key condition precedent for the closing of the transaction is the absence of an objection by the Polish Financial Supervision Authority.

On 23 July 2019, the Polish Financial Supervision Authority issued a decision that there were no grounds for objection to the aforementioned purchase of shares. From the date of completing the transaction, i.e. 31 July 2019, NN TFI is an affiliated entity of the Bank. The purchase price payable after the closing of the transaction – after appropriate adjustments provided for in the transaction documentation have been made – amounted to PLN 169.1 million, which implies a valuation of 9.2x P/E (Price / Earnings; 2018) and 2.0% P/AuM (Price / Assets under Management; June 2019).

Our Bank will use the equity method to value its stake in the company. The settlement of the transaction was recognized in Q3 2019. For detailed information on the settlement of the transaction see the ING Bank Śląski S.A. Group Annual Consolidated Financial Statements for the year 2019.

Strategically, our Bank’s Group wants to promote long-term clients’ savings, also by offering investment products. We want to be even more co-responsible for the solutions we provide to our clients in terms of investments. Hence the decision on capital cooperation with one of the key players on the Polish market, having a strong brand, long-term experience and good results of the funds – NN TFI.

We believe that the transaction will also have a positive impact on the faster transformation of balance sheet savings of our bank’s clients into investment funds – thanks to the strengthening of the image of ING Bank Śląski as a strong brand with a savings and investment offer.

ING Bank Śląski S.A. Group composition

ING Bank Śląski S.A. Group composition as at 31 December 2019 (continuous frame means subsidiary and dashed frame means associate)

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*The ING Lease (Polska) Group is composed of 9 subsidiaries wherein ING Lease (Polska) Sp. z o.o. holds 100% of shares.

The companies described below are consolidated by our bank using the full method (except for Twisto Polska Sp.z o.o. and NN Investment Partners TFI S.A., which are consolidated using the equity method). In addition to the companies listed below (included in the Bank's capital group), the Bank has minority capital investments in the following companies: Biuro Informacji Kredytowej S.A., Krajowa Izba Rozliczeniowa S.A. and Polski Standard Płatności Sp. z o.o.

ING Investment Holding (Polska) S.A. is a holding company. Through that company, the Bank holds shares in three subsidiaries: ING Lease (Polska) (100%), ING Commercial Finance (100%) and NN TFI (45%).

ING Lease (Polska) has been present in the market since 1996. Since 2012, it has been a member of the ING Bank Śląski S.A. Group. ING Lease (Polska) offers all basic types of lease and a cash loan which can be used to finance both movables (passenger cars, light-duty vehicles, heavy transport means, machinery and equipment, medical and IT equipment) and immovables. The ING Lease (Polska) Group is composed of 9 subsidiaries wherein ING Lease (Polska) Sp. z o.o. holds 100% of shares. The Company services are targeted at all market segments: large, medium and small enterprises as well as clients from the micro (Entrepreneurs) segment.

In 2019, the new lease production of the company totalled PLN 5.0 billion (up by 9% y/y). It allowed ING Lease (Polska) to increase a market share to 6.5%. At the end of 2019, the company served 30 thousand clients (up by 26% y/y) and its portfolio worth exceeded PLN 9.9 billion (up by 15% y/y).

ING Commercial Finance offers factoring products. The company was incorporated in 1994 under the name of Handlowy Heller. Upon its incorporation into ING Group, since 2006 the company has been operative under the name of ING Commercial Finance. Since 2012, it has been the member of the ING Bank Śląski S.A. Group – like ING Lease (Polska).

As per the Polish Factors Association’s data, in 2019, ING Commercial Finance was the third biggest factoring company in Poland. In 2019, ING Commercial Finance turnover totalled PLN 35.6 billion (+13.0 y/y), which represented 12.7% of the market turnover. In 2019, the Company served nearly 4.7 thousand clients (up by 49% y/y) and bought out 3.4 million invoices (up by 40% y/y).

NN Investment Partners TFI S.A. has been present in Poland since 1997. It is the third largest investment fund company on the Polish market, which manages over PLN 20 billion invested in funds and portfolios for a wide range of clients. It serves over 450 thousand clients, offering them investment funds, asset management portfolios and pension products. It is part of the international NN Group. It successfully combines global and local expertise to provide clients with investment solutions at the highest level.

On 2 January 2019, ING Bank Hipoteczny S.A. received permission to start operating activities.

The main business purpose of ING Bank Hipoteczny is issue of long-term mortgage bonds with the underlying instruments being debt claims under the mortgage-backed loans acquired from ING Bank Śląski S.A. or other banks.

The set goal may be achieved through:

  • strengthening of funding stability in the ING Bank Śląski Group,
  • diversification of funding sources for the current retail mortgage portfolio,
  • adjusting maturity structure of assets and liabilities in the balance sheet,
  • releasing liquidity of the ING Bank Śląski Group,
  • lowering the cost of financing the conducted lending activity in the part of the loan portfolio financed with other long-term instruments.

In 2019, ING Bank Hipoteczny focused on acquiring and building a portfolio of mortgage-backed receivables, and in October 2019 it carried out the inaugural issue of 5-year “green” mortgage bonds for PLN 400 million. The funds obtained from the issue will be used to refinance mortgage loans in PLN for natural persons, secured with mortgage belonging to 15% of the most energy-efficient buildings in Poland.

Since 2013, the Company has been offering innovative business services beyond traditional banking. Expanding its business activities into new market segments, in 2019 the company entered for the first time into the market of services for individual clients.

ING Usługi dla Biznesu operates in the following business areas:

  • online database of companies (registry data, financial data) and business purchase platform – ALEO,
  • platform for invoicing and managing payments for entrepreneurs and accountancy and payroll services for companies keeping full accounting records – ING Accounting,
  • platform and business process robotization services – Roboplatform,
  • My Services platform for the execution of micro payments by individual customers.

The company was incorporated in May 2014. It conducts educational and marketing activities. As far as educational activities are concerned, the company runs the website edukacjagieldowa.pl. It is a website about investing and stock exchange, both for debuting and fully-fledged investors. The knowledge database and investment-related materials are published on an ongoing basis on the website. Marketing activity centres around popularisation of ING Turbo certificates on the Polish market. The instruments are issued by ING Bank N.V. Amsterdam and quoted on the Warsaw Stock Exchange. The main activities of the company are the organisation of marketing campaigns, ING Turbo helpline service or technical support while running the ingturbo.pl website.

Solver Sp. z o.o. runs business being arranging holidays for employees and their families as well as for pensioners of ING Bank Śląski S.A. This activity is carried out in the Pan Tadeusz Training and Recreational Centre in Krynica.

In September 2019, the Company stopped to rent residential premises in the building at ul. Klimczoka 4 in Katowice and thus closed the sale of apartments.

The Company was incorporated in 2017. Its shareholders are ING Bank Śląski S.A. and Twisto Payments a.s. – a Czech fintech offering innovative solutions for payments in e-stores. The Bank’s investment was made primarily to launch the innovative purchase formula on the Polish market – “Buy now and pay in 21 days”, with which clients buying at e-stores can make orders with deferred payment. The Twisto payment method is available in the payment gateway “imoje” activated by the Bank in April 2018.

Offered products

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    Activities, brands, products, and services
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    Markets served

We are one of the largest universal banks in Poland. We have a strong position on the core markets of banking services (loans and deposits) and banking-related services (leasing and factoring). We pursue our business based on two segments – retail banking and corporate banking. As at the end of 2019, we served 4.50 million clients.

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External initiatives we are involved in

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    External initiatives
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    Membership of associations
  • Principles for Responsible Investment (PRI),
  • Carbon Disclosure Project,
  • Global Reporting Initiative,
  • Global Investor Statement on Climate Change.
  • International Integrated Reporting Council,
  • United Nations Global Compact,
  • United Nations Environmental Programme Finance Initiative,
  • Equator Principles Association.
  • Polish Bank Association,
  • Foundation for the Development of Non-cash Payments,
  • Polish Factors Association,
  • Polish Leasing Association,
  • Polish Committee of SWIFT Users,
  • National Clearing House,
  • Credit Information Bureau,
  • Polish Payments Standard,
  • Banking Law Council,
  • Bank Card Issuers Board,
  • Coalition for Polish Innovations,
  • Responsible Busines Forum.

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