Activities of the companies from the Capital Group

1. The Capital Group

No changes in the structure of the Bank Pocztowy Capital Group took place in 2013.

Holding 100% of shares in each subsidiary, the Bank carries out its supervisory function through its representatives working and exerting control in supervisory boards of the companies. Operations of Bank Pocztowy S.A.’s subsidiaries considerably support business operations of the parent.

Companies from the Capital Group hold current accounts and deposit free cash using term deposits in Bank Pocztowy. Related-party transactions are carried out at arm’s length.

2. Centrum Operacyjne Sp. z o.o.

Centrum Operacyjne Spółka z ograniczoną odpowiedzialnością was established by Bank Pocztowy S.A. on 20 May 2010. The share capital of the company amounted to PLN 2,500,000 and all shares were acquired by Bank Pocztowy. The Shareholders’ Meeting increased the share capital by PLN 783,782.50 up to PLN 3,283,782.50 on 1 July 2010.

The core business of the company is supporting settlement processes of Bank Pocztowy, clients of the Bank Pocztowy Capital Group and Poczta Polska. It carries out its tasks using competencies and experience gained at the Bank. The company manages business processes using specialized tools, which enables it to tailor its approach to manage operating processes. To this aim, the company uses modern lean management tools. The processes managed are constantly improved and streamlined through elimination of bottlenecks. Additionally, the company has implemented the “paperless office” initiative.

At the end of 2013, the balance sheet total of Centrum Operacyjne amounted to PLN 6,616.1 thousand.

In 2013 the company reported a net profit of PLN 1,256.4 thousand, as compared to a loss of PLN 16 thousand incurred in 2012. The profit was possible thanks to better cost effectiveness.

3. Spółka Dystrybucyjna Banku Pocztowego Sp. z o.o.

Spółka Dystrybucyjna Banku Pocztowego Sp. z o.o. was established by Bank Pocztowy S.A. on 20 May 2010. The share capital of the company amounted to PLN 2,000,000 and all shares were acquired by Bank Pocztowy. On 30 September 2011, the Extraordinary Shareholders’ Meeting increased the share capital of the company by PLN 679,760 up to PLN 2,679,760.

The core business of the company is the sale of financial products and services, aimed, in particular, at diversifying product and service distribution channels of Bank Pocztowy S.A. and supporting sales channels of the Bank. The company’s objective is also to attract new clients not using the Bank's services due to a considerable distance from the nearest sales office.

At the end of 2013 Spółka Dystrybucyjna cooperated with 161 Mobile Agents, while a year before products of Bank Pocztowy were distributed by 51 Agents only.

At the end of December 2013, the balance sheet total of Spółka Dystrybucyjna Banku Pocztowego Sp. z o.o. amounted to PLN 4,745.1 thousand.

In 2013 the company reported a net profit of PLN 621.0 thousand, as compared to a net profit of PLN 820.7 thousand generated in 2012.