Look for:

Our offer for

Research Detail

2019/09/19 / Erste Group Research

Issuer Profile | PKO Bank Polski

PKO Bank Polski (PKO BP) is the largest Polish credit institution. The business focus is on the retail segment. The bank has been listed on the stock exchange since 2004, with the state still holding a 29% stake.

Analogous to its business model, PKO is primarily funded by customer deposits. The bank nevertheless also has a number of capital market instruments outstanding and issues bonds on both the Polish and international capital markets. Moody's rating for senior unsecured issues is 'A3' with stable outlook.

In recent years the bank has promoted issuance of covered bonds. The PKO Group places covered bonds through its wholly-owned subsidiary PKO Bank Hipoteczny (PKO BH). Assets in the mortgage cover pool comprised a total volume of PLN 19.0bn as of 30 June 2019 and consist of residential mortgage loans in Poland. Moody's has currently set a rating cap of 'Aa3' for both local and foreign currency-denominated Polish bonds, including covered bonds.

PDF Download Download PDF (546kB)

General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusPoland
Currency in focusPolish Zloty
Sector in focus-


We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. Please read more information here


Any information, material and services regarding financial instruments and securities provided by Česká spořitelna/Erste Group/ or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites“) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions.

By agreeing to this hereto, the visitor entering this Websites confirms that has read, understood and accepted this Information and the Disclaimer