Pekao Bank Hipoteczny is a specialist bank, focusing on granting mortgage loans and servicing assets, using the issue of covered bonds to finance them. As part of the Group’s cooperation, portfolios of mortgage loans and bonds of local government units (LGUs) are transferred to Pekao Bank Hipoteczny, which can serve as collateral for covered bonds issued by Pekao Bank Hipoteczny.
Major areas of activities of the Group’s subsidiaries

Banking activity
Pekao Bank Hipoteczny S.A.
In 2024, Pekao Bank Hipoteczny continued transactions of acquiring and transferring mortgage receivables from Bank Pekao S.A. The transferred portfolio of mortgage receivables, for a total amount of PLN 869 million, included loans granted in PLN, which were intended to finance the housing needs of individuals. In 2024 was another year in which transfers of LGU bonds from Bank Pekao were also carried out. In accordance with the schedule of transfers of bonds of local government units in 2024, LGU bonds with a total value of PLN 153 million were acquired and transferred in 36 transactions.
The net value of the loan portfolio (including the local government bond portfolio) at the end of 2024 amounted to PLN 3,550 million. Loans granted to individual clients accounted for 74.2% of the portfolio, while loans granted to local government units and enterprises accounted for 17.7% and 8.1% of the loan portfolio, respectively.

Assets management
Pekao Investment Management S.A.– Pekao IM
Pekao IM, in which the Bank holds 100% of shares, is the owner of Pekao Towarzystwo Funduszy Inwestycyjnych S.A. (Pekao TFI).
Pekao TFI is the longest-running investment fund company in Poland, offering clients modern financial products, providing the opportunity to invest on the Polish market and on global capital markets. Pekao TFI develops savings programs, including those offering the possibility of additional savings for retirement under the third voluntary pension pillar. Pekao TFI’s offer also includes a portfolio management service and Employee Capital Plans (PPK). The company is in the PPK register, and its offer is also available through the portal: MojePPK.pl — oficjalny portal Pracowniczych Planów Kapitałowych PPK
As of 31 December, 2024, the net asset value of Pekao TFI investment funds (including PPK) amounted to PLN 32 billion and was higher by PLN 8 billion, i.e. 33% compared to the end of December 2023. The higher value of assets is influenced by the positive situation on the capital markets.
Leasing activity
Pekao Leasing Sp. z o.o. – Pekao Leasing

Pekao Leasing provides financial services supporting the sale and purchase of fixed assets, i.e. means of transport, machinery and equipment, as well as office properties - both through operational and financial leasing. The company cooperates with Bank Pekao S.A. in the sale of leasing to clients who are also clients of the Bank. Pekao Leasing, under agreements with the European Investment Bank, the Council of Europe Development Bank or the European Bank for Reconstruction and Development, offers financing for small and medium-sized enterprises on preferential terms, including in particular for financing green assets or for supporting women's entrepreneurship. The company also cooperates with Bank Gospodarstwa Krajowego S.A. (BGK) offering financing for vehicles, machines and equipment with a BGK guarantee.
In 2024, Pekao Leasing concluded over 20 thousand new agreements. The value of assets leased by the Company was similar to the level from 2023 and amounted to PLN 7 billion, including: 54% were means of transport, 44% – machines and equipment, 1% – real estate, 1% – other. As part of the diversification of financing sources, Pekao Leasing issues bonds. The value of liabilities arising from issued bonds as at 31 December 2024 amounted to PLN 7,491 million.
Factoring activity
Pekao Faktoring Sp. z o. o.
The company offers a full range of factoring services (including full and partial factoring), as well as services accompanying factoring, which include, among others, collecting information on the financial situation of debtors, collection, debt collection, accounting of settlements and ongoing monitoring of payment execution.
The company’s offer is complemented by the settlement of mass transactions, financial advice and consulting in the selection of the method of financing the business, as well as granting credits and loans related to the factoring agreement.
Pekao Faktoring, in cooperation with the Bank, develops the range of services for clients and new sales channels for products and services. As part of this cooperation, a factoring service is offered to micro entrepreneurs – clients of the Bank, based on a fully automated decision-making process.
The company participates in the factoring limit repayment program with the support of Bank Gospodarstwa Krajowego S.A. (BGK) – using the guarantee of repayment of financing of partial and reverse factoring, granted under the public aid of the BGK Crisis Guarantee Fund. As part of the diversification of financing sources, Pekao Faktoring issues bonds. The value of liabilities from issued bonds as of 31 December, 2024 amounted to PLN 5,584 million.
Pekao Faktoring ranks 2nd on the Polish factoring market with almost 16.9% market share.
Transactional advisory
Pekao Investment Banking S.A.
Pekao IB provides highly specialized services for large and medium-sized enterprises and financial institutions. The scope of services provided by Pekao IB includes in particular brokerage services: accepting and transmitting orders to purchase or sell financial instruments, offering financial instruments, as well as consulting for enterprises in the field of capital structure, enterprise strategy or other issues related to such structure or strategy, as well as consulting and other services in the field of mergers, divisions and acquisitions of enterprises.
In 2024, Pekao IB acted as a co-leader of the book of demand in the transaction of the initial public offering on the Warsaw Stock Exchange, provided bond issue services for nine entities, and successfully closed two transactions of consulting in obtaining financing and a consulting project in connection with acquiring an investor. During this period, the Company began providing services in the field of sustainable development (ESG) consulting and conducted a number of transactions on the private and public capital market, as well as in the field of debt consulting with a plan to implement them in the coming period.



Centrum Kart provides comprehensive services related to, among others, the management of payment card management systems, transaction authorization and card personalization, ensuring high quality of services with the growing complexity of business and technological environments and increasing transaction volume. The company mainly provides services for the Bank Pekao S.A. and, in cooperation with the Bank, implements projects aimed at expanding the Bank’s product offer and transaction security.
In 2024, Centrum Kart carried out a number of projects implemented as part of cooperation with the Bank, including those aimed at introducing new card functionalities, modernizing ATMs – expanding the scope of services they support, or implementing support for additional functionalities for payment settlement. The company also began implementing new systems and processes in the area of card issuing and acceptance.
Bank Pekao S.A. owns shares constituting 38.33% of the shares of Krajowy Integrator Płatności S.A., the owner of the fast online payment system Tpay (formerly Transferuj.pl).
The company has the status of a national payment institution and is supervised by the Polish Financial Supervision Authority. KIP’s activity consists in intermediating the transfer of payments between the payer and the recipient.
In 2024, the Company continued to increase the scale of its operations in the area of online and mobile payments. It sought new areas for the development of services, acquired new customers and developed cooperation with existing ones, also within the framework of a strategic partnership with Bank Pekao S.A. As a result of the cooperation, the Bank’s customers receive access to modern and secure payment services, while the Company’s customers can take advantage of an attractive and comprehensive offer of banking services.
Pekao Direct provides financial intermediation services and comprehensive services via alternative communication channels for non-banking sector clients.
The company provides services for Bank Pekao S.A., as the main client, in the scope of online banking, cards and product hotlines. Pekao Direct serves clients via alternative communication channels, including primarily telephone, e-mail and chat. The main communication channel is telephone calls, in 2024 Pekao Direct handled almost 17 million calls, which is 7.2% more than in 2023.
Pekao Direct participates in the process of setting up selfie accounts, in which it verified over 118 thousand accounts opened on selfie, i.e. 7.4% less than in 2023. In 2024, the company again recorded an increase in the handling of marketing campaigns and sales of banking products, including express loans and mortgage loans, constituting an increasingly important element of services provided to the Bank.
PFS provides transfer agent services, as part of outsourcing for financial institutions in the field of operational and technological solutions.
PFS specializes in servicing domestic and foreign investment funds, universal and employee pension funds, as well as entities offering insurance products. The fourteen clients served by the Company include companies with an established market position. PFS is the only company that serves OFE funds using the services of an external transfer agent.
PeUF is a company 100% owned by Pekao Leasing Sp. z o.o. and operates as an insurance agent, providing insurance sales services.
serves Pekao Leasing in the scope of newly concluded insurance contracts and policies. PeUF’s activities include agency services, concerning insurance services for newly concluded leasing transactions, as well as policy renewal services. In addition to agency services, the activities concern: policy monitoring, claims settlement services, as well as insurance terminations. In 2024, PeUF provided brokerage services for six insurance companies, and the value of commissions from sold policies amounted to over PLN 48 million and was 16% higher than in 2023.