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Cooperation with Poczta Polska S.A.

Cooperation with Poczta Polska S.A.

The Bank carries out strategic partnership with Poczta Polska based on a plan determining its key objectives and how to achieve them.

Under the strategic partnership, the Bank is entrusted with a material role in implementation of the financial services strategy in the Poczta Polska S.A. Capital Group. At present, sales of financial products have been performed through two separate channels: Poczta Polska outlets and own outlets of the Bank. Organizational changes introduced in Poczta Polska and in the Bank are to implement the optimized solution for sales of financial services using a single postal sales channel consisting of a network of cooperating outlets of Poczta Polska and of the Bank.

The Bank has been provided a unique opportunity to use the network of Poczta Polska S.A. outlets. Since the Bank’s own network is mostly located within the infrastructure of Poczta Polska, its extension does not require high capital expenditure. Capital expenditure for greenfield outlets (without access to Poczta Polska infrastructure and network) would be much higher than when developing a network based on existing post offices.

Thanks to access to Poczta Polska S.A. outlets countrywide, also in small towns and villages, where no competition of other banks exists, the Bank has successfully acquired clients from its target segments. With regard to development of financial services, strategic plans assume further improvement of sales efficiency of Postal Financial Zones with business ratios close to the levels achieved in Bank’s own outlets.

The sales of Bank’s products and services are based on an agency agreement. According to the agreement, Poczta Polska S.A. outlets sell current accounts, corporate and saving accounts, term deposits, cash loans for consumers, credit facilities for microenterprises, credit cards and the related services. Access to the network of sales outlets and postal infrastructure allows the Bank to offer institutional clients with services including payment orders (among others using Money Gram), over-the-counter and sealed cash deposits and cash processing services.

Further, Poczta Polska is the Bank's client provided with comprehensive financial services. Including cash payments accepted in Poczta Polska network addressed to a variety of counterparties, to include Social Insurance Institution and tax offices (transfer funds) and cash receipts from Poczta Polska network to third parties indicated by Bank’s clients into interbank settlements is a significant source of commission income generated by the Bank.

Cooperation of the Bank and Poczta Polska is regulated by a series of arrangements addressing its key aspects. They have been concluded on arm’s length terms for an indefinite period.