ING Bank Slaski, the Polish unit of Dutch banking giant ING Groep, has agreed to acquire the remaining 55% stake in Polish asset management company Goldman Sachs TFI from Goldman Sachs Asset Management International Holdings for 396 million zlotys ($108 million).

Prior to the deal, ING Bank Slaski already owned 45% of Goldman Sachs TFI through its subsidiary, giving it a controlling interest in the firm once the acquisition is completed.

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Goldman Sachs TFI Overview

Goldman Sachs TFI serves over 736,000 clients, offering a diverse range of open mutual funds across multiple asset classes as well as dedicated asset management portfolios, according to ING Bank Slaski. The firm is ranked second in the Polish market in terms of assets under management (AUM) for capital market mutual funds, holding a market share of approximately 12%.

The acquisition underscores ING Bank Slaski’s strategy to expand its asset management footprint in Poland, strengthening its presence in the growing mutual fund sector.

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Transaction Details

The final purchase price will be adjusted to include the dividend equivalent for the period from January 1, 2026, to the month preceding the closing of the transaction. ING Bank Slaski expects the deal to slightly impact its financial ratios, projecting a reduction of about 34 basis points in both its consolidated total capital ratio and Tier 1 ratio, key indicators of banking strength.

The transaction is subject to regulatory approvals and is expected to complete in the first half of 2026.

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Strategic Implications for ING Bank Slaski

The acquisition positions ING Bank Slaski to capitalize on Poland’s growing asset management market, leveraging Goldman Sachs TFI’s established client base and portfolio expertise. Analysts expect the move to:

• Enhance ING’s market share in mutual funds
• Strengthen its offerings in dedicated asset management portfolios
• Provide additional revenue streams and long-term growth potential

This acquisition also signals ING Groep’s commitment to expanding its influence in Central and Eastern Europe, aligning with broader European expansion strategies.