357:
365:
27:
36:
1299:
1090:
249:
fourth largest universal banking group in terms of total assets and loans, and fifth by deposits at the end of
September 2016. It offers retail, corporate and investment banking as well as other financial services such as leasing, factoring, insurance, financing of commercial real property, brokerage
384:
In 1990, BRE Bank was privatised through public offering. The BRE Group set up its first subsidiaries: Biuro
Maklerskie BRE Brokers (now mBank Dom Maklerski) and BRE Services (now mLeasing). In 1995, the bank launched its Private Banking, and in 1997 Towarzystwo Funduszy Inwestycyjnych SKARBIEC, an
452:
mBank received about 7 billion CHF in short-term loans from its parent company
Commerzbank to finance its foreign mortgage loans. Initially – in 2006 and 2007 – the loans from Commerzbank were granted with a very low interest margin of 0.15%. However, the margin was increased to approximately 2.0%
456:
For a number of years mBank was able to manage this loan unprofitability by charging debtors installment fees, so-called "spreads". These spreads were used by mBank to compensate low interest rates. However, in July 2011, the Polish banking law was amended to eliminate such additional payments.
475:
of the foreign loans. Until 2008, the average LTV ratio for mBank's foreign mortgage loans was in the 60s. Later it increased to over 80% and currently stands at 82.2%. Loans with LTV over 80% are deemed more risky, especially when the changes in LTV are not related to the property value but
417:
In
September 2019 mBank's parent company Commerzbank announced they wanted to sell their 69.3 percent stake in the bank. In early 2020, Commerzbank then abandoned their plans, as they were not able to sell under favorable conditions due to the
460:
In addition, clauses regulating linkage between Swiss Franc and Polish Zloty in the loan agreements used by mBank were found unfair and included in the unfair clauses register maintained by the Office of
Competition and Consumer Protection.
430:
mBank is one of the top three Polish banks that have been granting foreign mortgage loans. Between 2002 and 2014 mBank granted more than 70,000 such loans. A great majority of them are Swiss Franc linked. As a consequence of the
464:
Since the
European Council Directive 93/13/EEC of 5 April 1993, contract terms found to be unfair should not bind consumers, the linkage between Swiss Franc and Polish Zloty present in mBank agreements was undermined.
376:
The bank was founded in 1986 as Bank
Rozwoju Eksportu (Export Development Bank), a joint-stock company. Three years later BRE Bank was granted credit lines from the World Bank and IFC and became a member of
453:
when they had to be renewed. Since many of the early loans granted by mBank to its customers had their margin of around 1.0%, these loans have become margin negative (i.e. unprofitable) for mBank.
1338:
468:
However, mBank has not recognized the validity of this regulation. Therefore, a number of legal proceedings ensued, including a class action lawsuit started by 1,247 debtors.
449:
mBank did not inform its clients about the full extent of the risk connected with these loans. mBank management claims it itself did not assess the risk correctly.
1445:
1056:
916:
483:
As of the end of 2015, mBank held the equivalent of around 5 billion CHF of Swiss Franc linked loans and had 3 billion CHF obligations to
Commerzbank.
498:
for facilitating its subsidiary mBank's toxic financial product offering in Poland, as well as for the linked potential tax evasion resulting from
403:
in Poland. In 2001 it launched its second retail arm, MultiBank. In 2013, MultiBank, BRE Bank and mBank were replaced by the single mBank brand.
96:
435:, Swiss Franc has significantly strengthened to Polish zloty. In case of some loans granted by mBank in 2008, their value increased twofolds.
1379:
1265:
895:
568:
446:
rate. However, when adjusted for foreign exchange effect, the cost of these loans, and especially the amount of the debt, become excessive.
1032:
746:
1369:
1404:
1399:
1078:
796:
1011:
519:
443:
1287:
1086:
845:
771:
1179:
695:
670:
621:
1440:
1234:
593:
543:
220:
mAccelerator, mBank
Hipoteczny, mElements, mFaktoring, mFinanse, mInvestment Banking, mLeasing, LeaseLink, mServices
1425:
870:
1071:
432:
80:
646:
245:(formerly BRE Bank), set up in 1986, and originally BRE – Bank Rozwoju Eksportu (Export Development Bank), is
1295:
1189:
820:
1139:
1323:
1280:
1333:
937:
385:
investment fund company, was set up. In 1999, BRE established PTE Skarbiec-Emerytura, a pension fund.
1343:
1224:
1154:
1064:
961:
1435:
301:
mCentrum
Operacji, a subsidiary providing back office services to other subsidiaries of mBank Group
1046:
721:"22 banki, których już nie ma. Pamiętacie je wszystkie? Historia konsolidacji polskiej bankowości"
1394:
1374:
1328:
1303:
269:
438:
mBank marketed Swiss Franc linked loans as much cheaper to their local equivalents. Indeed, the
399:
In 2000, BRE bank started operations in the retail banking segment, launching mBank, the first
320:
In 2016 mBank's subsidiaries Dom Maklerski mBanku and mWealth Management become part of mBank;
250:
operations, wealth management, corporate finance and advisory in the scope of capital markets.
273:
177:
1389:
1273:
1244:
1239:
1098:
491:
254:
76:
339:
1430:
1354:
1184:
8:
472:
1129:
720:
333:
410:
Finanse, a mobile retail bank. In 2015, mBank entered into long-term cooperation with
1249:
1114:
419:
295:
986:
1174:
356:
1364:
1348:
1229:
1204:
1047:"Sprzedaż mBanku. Niemcy chcą komuś podrzucić zgniłe jajo w postaci frankowiczów"
102:
1149:
258:
161:
59:
310:
mFinanse (formerly Aspiro), a subsidiary providing financial advisory services
1419:
1384:
1209:
1194:
477:
407:
364:
67:
304:
mCorporate Finance, a subsidiary specialising in investment banking services
35:
26:
1169:
1033:"Commerzbank pociągnięty do odpowiedzialności za frankowe grzechy mBanku"
499:
487:
400:
389:
208:
1318:
1144:
1134:
1124:
1109:
215:
917:"Office of Competition and Consumer Protection register - clause 5743"
471:
One of the side effects of the raising exchange rate is growth in the
369:
195:
1219:
1164:
262:
165:
316:
mElements, a subsidiary specialising in e-commerce and API banking
1159:
190:
1307:
1298:
1254:
1119:
1089:
246:
147:
141:
569:"S. Lachowski zostanie nowym prezesem BRE, Kostrzewa odchodzi"
388:
In 1994, it signed an agreement on strategic partnership with
1214:
1094:
502:'s financing of mBank's CHF-linked toxic financial products.
495:
439:
378:
85:
821:"Good if mBank sold to investor not already in Poland: CEO"
425:
965:
411:
229:
962:"Wierzbowski Eversheds > Grupa na Bank (archived)"
797:"Orange Polska and mBank launch joint mobile service"
476:
uncontrolled by both bank and debtor factor, such as
772:"Od poniedziałku mBank zastąpi Multibank i BRE Bank"
288:
mLeasing, one of Poland's leading leasing companies
846:"Covid-19 scuppers Commerzbank plan to sell mBank"
257:. In 2007 it started its retail operations in the
1417:
291:mBank Hipoteczny, Poland's largest mortgage bank
1446:Companies listed on the Warsaw Stock Exchange
1281:
1072:
1288:
1274:
1079:
1065:
747:"Multibank - na parkiet jeszcze nie teraz"
34:
25:
896:"Banking Law amendment, July 29th, 2011"
622:"Stypułkowski zastąpi Grendowicza w BRE"
363:
355:
964:(in Polish). 2015-08-01. Archived from
544:"Boryszew powołanie osoby nadzorującej"
426:Controversial foreign loans involvement
1418:
745:Polska, Grupa Wirtualna (2002-05-09).
744:
253:Since 1992, it has been listed on the
1269:
1060:
938:"EUR-Lex - 31993L0013 - EN - EUR-Lex"
696:"PTE Skarbiec-Emerytura przejął Ego"
616:
614:
486:It was announced in July 2019 that
13:
671:"Jak prywatyzowano polskie banki?"
594:"Grendowicz pokieruje BRE Bankiem"
14:
1457:
611:
1297:
1088:
392:. In 1998, BRE Bank merged with
1039:
1025:
1004:
979:
954:
930:
909:
888:
863:
838:
813:
789:
764:
738:
442:rate was lower than the Polish
360:mBank in Prague, Czech Republic
347:Since 2010: Cezary Stypułkowski
871:"Spready - mBank niedozwolone"
713:
688:
663:
639:
586:
561:
536:
512:
490:was being investigated by the
279:
16:Polish universal banking group
1:
647:"Introduction to mBank Group"
505:
344:2008–2010: Mariusz Grendowicz
323:
307:mLocum, a property developer
284:mBank Group is composed of:
40:mBank headquarters in Warsaw
7:
433:financial crisis of 2007-08
329:1986–1998: Krzysztof Szwarc
115:; 38 years ago
10:
1462:
1180:Jastrzębska Spółka Węglowa
1012:"mBank annual report 2015"
351:
1441:Banks established in 1986
1344:Bank Handlowy w Warszawie
1314:
1225:Polska Grupa Energetyczna
1105:
987:"mBank financial reports"
224:
214:
204:
183:
171:
154:
135:
127:
109:
95:
65:
55:
45:
33:
24:
406:In 2014, mBank launched
1395:Santander Consumer Bank
1329:BNP Paribas Bank Polska
1014:(in Polish). March 2016
778:(in Polish). 2013-11-22
677:(in Polish). 2011-11-08
550:(in Polish). 2003-12-08
1426:Companies in the WIG30
373:
361:
139:Mennica Legacy Tower,
49:Bank Rozwoju Eksportu
1390:Santander Bank Polska
1240:Santander Bank Polska
1099:Warsaw Stock Exchange
520:"Summary of the year"
492:European Central Bank
478:foreign exchange rate
367:
359:
255:Warsaw Stock Exchange
473:loan-to-value ratio
394:Polski Bank Rozwoju
274:Cezary Stypułkowski
178:Cezary Stypułkowski
21:
374:
362:
340:Sławomir Lachowski
334:Wojciech Kostrzewa
268:The current mBank
19:
1413:
1412:
1263:
1262:
1185:KGHM Polska Miedź
1049:. 1 October 2019.
968:on August 1, 2015
942:eur-lex.europa.eu
850:Finextra Research
700:biznes.interia.pl
420:Covid-19 pandemic
296:invoice factoring
240:
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131:Krzysztof Szwarc
123:
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105:
38:
29:
22:
18:
1461:
1460:
1456:
1455:
1454:
1452:
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1436:Banks of Poland
1416:
1415:
1414:
1409:
1355:ING Bank Śląski
1349:Credit Agricole
1310:
1296:
1294:
1264:
1259:
1230:PKO Bank Polski
1205:Bank Millennium
1130:Benefit Systems
1101:
1087:
1085:
1055:
1054:
1045:
1044:
1040:
1035:. 23 July 2019.
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801:commsupdate.com
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313:mFinance France
294:mFaktoring, an
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1150:Cyfrowy Polsat
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259:Czech Republic
238:
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162:Czech Republic
158:
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111:
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60:Public company
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39:
31:
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15:
9:
6:
4:
3:
2:
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1332:
1330:
1327:
1325:
1322:
1320:
1317:
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1313:
1309:
1305:
1304:Largest banks
1300:
1291:
1286:
1284:
1279:
1277:
1272:
1271:
1268:
1256:
1253:
1251:
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1210:Orange Polska
1208:
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1128:
1126:
1123:
1121:
1120:Asseco Poland
1118:
1116:
1113:
1111:
1108:
1107:
1104:
1100:
1097:companies of
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1091:
1082:
1077:
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1059:
1048:
1042:
1034:
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866:
851:
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826:
822:
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798:
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777:
773:
767:
752:
748:
741:
726:
722:
716:
701:
697:
691:
676:
672:
666:
652:. mBank. 2022
648:
642:
627:
623:
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615:
599:
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589:
574:
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564:
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539:
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401:Internet bank
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37:
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28:
23:
1359:
1199:
1041:
1027:
1016:. Retrieved
1006:
995:. Retrieved
991:www.mbank.pl
990:
981:
970:. Retrieved
966:the original
956:
945:. Retrieved
941:
932:
921:. Retrieved
911:
900:. Retrieved
890:
879:. Retrieved
874:
865:
854:. Retrieved
852:. 2020-05-11
849:
840:
829:. Retrieved
827:. 2020-02-06
824:
815:
804:. Retrieved
800:
791:
780:. Retrieved
775:
766:
755:. Retrieved
751:www.money.pl
750:
740:
729:. Retrieved
724:
715:
704:. Retrieved
699:
690:
679:. Retrieved
674:
665:
654:. Retrieved
641:
630:. Retrieved
625:
602:. Retrieved
598:TVN24 Biznes
597:
588:
577:. Retrieved
572:
563:
552:. Retrieved
547:
538:
527:. Retrieved
524:www.mbank.pl
523:
514:
485:
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470:
467:
463:
459:
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451:
448:
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429:
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405:
398:
393:
387:
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375:
368:BRE Bank in
319:
283:
267:
252:
242:
241:
216:Subsidiaries
136:Headquarters
103:PLBRE0000012
56:Company type
1431:Commerzbank
1351:Bank Polska
1170:Grupa Azoty
993:(in Polish)
919:(in Polish)
898:(in Polish)
877:(in Polish)
753:(in Polish)
727:(in Polish)
702:(in Polish)
628:(in Polish)
600:(in Polish)
575:(in Polish)
500:Commerzbank
488:Commerzbank
390:Commerzbank
338:2004–2008:
332:1998–2004:
280:mBank Group
209:Commerzbank
156:Area served
1420:Categories
1365:Millennium
1319:Alior Bank
1175:Grupa Kęty
1145:CD Projekt
1125:Bank Pekao
1110:Alior Bank
1018:2016-03-04
997:2016-03-04
972:2016-03-03
947:2016-03-03
923:2016-03-03
902:2016-03-03
881:2016-03-03
856:2023-08-22
831:2023-08-22
806:2023-08-22
782:2023-08-22
757:2023-08-22
731:2023-08-22
706:2023-08-22
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