Was it foresight or chance that led to the founding of Bank Pekao? It stands here a giant among Polish financial institutions. Bank Pekao has a rich history woven into Poland’s story. Today we will explore some of its key moments.
Bank Polska Kasa Opieki Spółka Akcyjna was established in 1929. The Ministry of Treasury founded it as a national bank. Its main goal was to serve Poles living abroad. Henryk Gruber saw the need for such a bank. He was the CEO of Pocztowa Kasa Oszczędności at the time. By 1939, Bank Pekao had branches worldwide. They were in almost every capital city where Polish people lived.
After World War II, Poland fell under Soviet influence. Bank Pekao handled international financial operations. It helped Poles abroad support their families back home. In 1968, the Minister of Finance allowed foreign currency accounts. These accounts were for Poles working abroad at Bank Pekao. The bank had a monopoly on these accounts until 1989.
In the 1970s, Bank Pekao offered different types of currency accounts. A accounts were for documented currency. B accounts were for undocumented currency. C accounts were for foreigners. Funds from B accounts could not be legally exported. In 1976, the rights of A and B accounts were equalized. By the late 1980s, these accounts held US$3.3 billion.
Bank Pekao even issued its own vouchers in 1960. They were called “Bon Towarowy PeKaO”. These vouchers were in US dollars. With them, people could buy goods in a special network. This included both foreign and scarce domestic goods. You could find groceries like “Krakus” ham and chewing gum. Also available were alcohol, cosmetics, and household appliances. People even bought cars and apartments with these vouchers. This retail network later became the Pewex company in 1972.
In 1999, Bank Pekao joined the UniCredit Group. Then in 2016, Polish state-owned companies acquired Bank Pekao. PZU and the Polish Development Fund bought a 32.8% stake.
Since 2022, Bank Pekao’s headquarters have been in the Forest Tower in Warsaw.
Bank Pekao has faced its share of challenges. In 2022, profits declined due to payment holidays. These holidays allowed mortgage holders to postpone payments. This cost the bank 2.4 billion zlotys. There were also increased provisions for Swiss franc mortgages.
However, Bank Pekao has shown resilience. In early 2023, it partnered with Orlen Synthos Green Energy. They plan to finance small modular reactors in Poland. This shows Bank Pekao’s commitment to energy transformation.
Throughout its history, many leaders have guided Bank Pekao. Today, Leszek Skiba is the President.
Bank Pekao’s subsidiaries form the Pekao Group. These include Centralny Dom Maklerski Pekao SA and Pekao Leasing.
Bank Pekao was also the official bank and sponsor of UEFA EURO 2012.
From its start in 1929 to its current position, Bank Pekao remains a key player in Poland. It has adapted to changing times and continues to support the Polish economy. Its story reflects Poland’s own journey through history.
As you leave Bank Pekao, consider its long history and lasting impact.