Integrated Report 2021

Entities of Group

BNP Paribas Towarzystwo Funduszy Inwestycyjnych S.A.

BNP Paribas Towarzystwo Funduszy Inwestycyjnych S.A. (”BNPP TFI”, “the Company”) has been carrying out business in the financial services industry since 1992. Before that date, it was active on the Polish capital market as a brokerage house.

BNPP TFI operates based on the authorization of the Polish Financial Supervision Authority regarding investment fund establishment and management, as well as intermediation in sale and redemption of units and shares in foreign funds.

In 2021, the following significant events occurred in relation to the company’s operation:

  • distinctions for funds managed by the Company, awarded by the industry portal Analizy Online: (i) BNP Paribas Lokata Kapitału – awarded the prestigious Alfa 2020 award, in the category of the best fund of Polish corporate securities, (ii) BNP Paribas Konserwatywnego Oszczędzania – awarded in the category of Polish debt securities funds, (iii) BNP Paribas Obligacji – awarded in the category of Polish long-term debt securities;
  • The company participated in the final, fourth stage of the implementation of the Employee Capital Plans (PPK) programme concerning companies with less than 20 employees and public finance sector

As at 31 December 2021, the Company managed the following funds: 

it started its operations in March 2016. It comprises 7 sub-funds with a diversified investment policy, which enable customers to invest in various classes of assets, both on the local and global market. BGŻ BNP Paribas FIO also offers an Individual Retirement Account: BNP Paribas – IKE and an Individual Pension Insurance Account: BNP Paribas – IKZE. As at the end of December 2021, assets under management totalled approx. PLN 3,511.5 million.

it was taken over by the company from Ipopema TFI in January 2016, once a relevant authorization had been granted by the Office of Competition and Consumer Protection. It comprises three sub-funds. As at the end of December 2021, assets under management totalled approx. PLN 882.1 million.

it entered the Polish market in 2005. It comprises three sub-funds investing mainly in the Polish market. As at the end of December 2021, assets under management totalled PLN 63.2 million.

created in July 2014, with four separated sub-funds (one of them, BNP Paribas Aktywny, is being liquidated). Fund management was acquired as a result of the merger with Riviera TFI. The value of assets at the end of December 2021 amounted to PLN 63.9 million.

created in May 2014, fund management was acquired as a result of the merger with Riviera TFI. The value of the fund’s assets at the end of December 2021 was PLN 2.8 million.

intended for clients Employee Capital Plans. It comprises nine sub-funds (defined date funds). The value of assets at the end of December 2021 amounted to PLN 118.3 million.

BNPP TFI has partnered with the Bank to distribute units in the funds that it offers under an agreement concluded with the Brokerage Office of the Bank.

Basic financial data of BNP Paribas TFI S.A.

in PLN’000 31.12.2021 31.12.2020 31.12.2019
Balance sheet total 41,211 36,748 37,781
Long-term investments 4,859 44 327
Equity 33,913 30,087 29,066
including: net financial result 4,664 1,086 54

The share capital of BNPP TFI amounts to PLN 16,692.9 thousand and is divided into 695,538 shares with the par value of PLN 24.00 each. As at 31 December 2021, its equity totalled PLN 33.9 million and was sufficient to ensure security of the entity’s daily operations.

It should be noted that the SARS-CoV-2 epidemic also affected financial market sentiment in 2021. New variants of the virus caused new waves of illnesses and an increased uncertainty about the functioning of the economy. On the other hand, the ongoing vaccination process had a stabilising effect on market conditions. However, the pandemic caused a number of disruptions in the global economy; limiting its effects through an expansive fiscal and monetary policy contributed to a significant increase in inflation. Consequently, central banks had to raise interest rates, and the Monetary Policy Council also decided to do so. Rising interest rates contributed to a decline in debt fund valuations and a significant outflow of assets from this class of funds in Q4,2021.

Finally, BNPP TFI recorded net inflows of funds of PLN 709.9 million during the year. As at 31 December 2021, TFI managed assets with a total value of PLN 4,642 million (compared to PLN 4,000 million at the end of 2020), an increase in assets of 16.1%.

In 2021, the company achieved a net inflow of PLN 4,664 thousand (compared to PLN 1,086 thousand in 2020).

BNP Paribas Leasing Services Spółka z o.o.

BNP Paribas Leasing Services Sp. z o.o. (the “Company”) in cooperation with the Bank, offers its clients from micro-entrepreneurs, Personal Finance, SME and corporate segments, a wide range of leasing products. Since 2018, based on the decision of Bank’s Management Board, the Company has taken over the role of the sole entity in the Bank’s Group which provides leasing services for customers of mentioned segments, dynamically increasing the scale of its activity each year.

In view of the situation related to the COVID-19 pandemic, one of the most significant risk factors was the compliance of customers with the timely repayment of their obligations to the Company. Actions undertaken in 2020 were crucial for the Company’s situation, including extension of the repayment of instalments at the request of customers as well as intensification of repayment monitoring and debt collection activities. Because of that, the Company managed to maintain a comparable quality of its portfolio limiting the impact of the pandemic on credit risk costs. Customers to whom instalment repayments were prolonged in the previous year did not noticeably contribute to the deterioration of the Company’s portfolio quality. In 2021, there were no more circumstances that required non-standard actions to be taken, and the Company only continued to monitor customers’ payment discipline very diligently, not allowing the portfolio to deteriorate.

In 2021, despite concerns about the further development of the pandemic and its impact on the health of the economy, there was a rapid recovery of the Polish market, which, in accordance with the Company’s predictions, led to a significant increase in new sales volumes. The recovery in the leasing market was in fact much stronger than the company expected, allowing it to regularly achieve or exceed the budgeted levels of newly concluded contracts, breaking its previous monthly sales records several times over. The improvement was mainly the result of the economic recovery and the increased level of investment in the corporate sector, allowing the entire industry to record clear increases in the volume of assets financed. The automotive and agricultural machinery sectors performed very well during this period. Because of effective cooperation with the Bank and its business partners, the Company was able to realise twice the sales dynamics compared to the very good results of the entire industry reported by Polish Leasing Association in 2021.

To summarise 2021, the Company has concluded 24.9 thausand new agreements for PLN 3,455,640 thousand, which was an increase of 75% compared to the 2020.

Basic financial data of BNP Paribas Leasing Services Spółka z o.o.

in PLN’000 31.12.2021 31.12.2020 31.12.2019
Balance sheet total 5,544,614 4,028,835 3,439,131
Long-term investments* 4,755,620 3,610,100 3,139,626
Equity 10,763 1,459 (2,752)
including: net financial result 9,304 4,211 (9,996)

* receivables due to granted financing

At the end of 2021, t he portfolio of financed assets reached a record level of PLN 4,756 million (increased by 31.7% y/y). The dynamic increase in the scale of the portfolio affected on revenues value, which amounted to PLN 94.5 million compared to PLN 72.3 million in 2020, which is an increase of 31%.

At the same time, the dynamics of administrative costs recorded by the Company was only +12%. This was possible thanks to scale effects and a significant improvement of the economic efficiency in conducted activities. Also, the credit profile of the portfolio remains stable, generating a charge to the financial result fully in compliance with expectations and the adopted business model.

In 2021 the Company recorded a net profit of PLN 9,304 thousand, affecting a significant increase in the equity balance.

In 2021 the Company signed a €200 million loan agreement with the European Investment Bank („EIB”) to support asset financing for small and medium-sized enterprises as well as “green assets”.


BNP Paribas Group Service Center S.A.

The scope of the business activity of BNP Paribas Group Service Center S.A. („BNPP GSC”) includes:

  • providing IT services for the development of applications as well as for banking and financial systems for entities from the BNP Paribas Group;
  • providing electronic equipment rental services to individual customers
  • comprehensive management of loyalty programs for parties connected with the Bank and for Bank’s Clients;
  • providing marketing services for employees of the Bank’s partners, Bank’s Clients and Bank’s employees.
  • services auxiliary to insurance brokerage, consisting in administration and performance of group insurance contracts made by the Bank;
  • agency services for insurance services.

Basic financial data of BNP Paribas Group Service Center S.A.

in PLN’000 31.12.2021* 31.12.2020 31.12.2019**
Balance sheet total 48,338 42,246 45,401
Long-term investments 40,328 34,364 35,644
Equity 39,443 34,411 38,926
including: net financial result 5,032 8,515 13,032
* non-audited data
** including the effects of the merger with BNP Paribas Financial Services Sp. z o.o., where BNPP GSC acted as the acquirer

BNP Paribas Solutions Spółka z o.o.

Until the end of November 2020, BNP Paribas Solutions Sp. z o.o. held the status ofa National Payment Institution (under the authorisation of the Polish Financial Supervision Authority dated 22 September 2015), which authorised it to keep payment records and to carry out interbank transfers by its customers. 1 December 2020 the Company relinquished  its  status  as  a  National  Payment  Institution  in  connection  with  the  closure  and  termination  of  its currency exchange and fast transfer ( and consequently is not subject to prudential regulation in terms of PFSA’s capital standards.

Currently Company’s business is focused exclusively on providing services related to software development and consulting in the area of information technology, data processing and website management (hosting). As a part of the innovation ecosystem of BNP Paribas Bank Polska, the Company carries out a number of open banking projects. Examples of currently running projects include:

  • development of API in compliance with PSD2 requirements,
  • building CRM applications and applications for syndicated loans,
  • developing an online transaction platform for currency exchange (FX Pl@net).

Basic financial data of BNP Paribas Solutions Sp. z o.o.

in PLN’000 31.12.2021 31.12.2020 31.12.2019
Balance sheet total 4,656 4,316 74,419
Long-term investments 3,453 1,339 69,701
Equity (2,538) (1,236) 2,989
including: net financial result (1,302) (5,725) (660)

On 1 March 2022, the Extraordinary General Meeting of Shareholders of BNP Paribas Solutions Sp. z o.o. adopted a resolution to open liquidation of the Company. The decision to start liquidation is related to decisions regarding the location of business functions previously performed by the Company within the Bank and the Group.

Bankowy Fundusz Nieruchomościowy Actus Spółka z o.o.

Bankowy Fundusz Nieruchomościowy Actus Sp. z o.o. („the entity”) was established in 1999 to carry out the following:

  • purchase and sale of real property as well as limited property rights;
  • construction projects on own and third-party real property;
  • lease and rental of real property as well as lease of space.

In the fourth quarter of 2020, the Company disposed of its property.

Basic financial data of BFN Actus Spółka z o.o.

in PLN’000 31.12.2021* 31.12.2020 31.12.2019
Balance sheet total 24,726 42,587 56,824
Long-term investments 0 0 56,577
Equity 24,713 42,426 48,238
including: net financial result (1,738) (5,812) 549

* non-audited data

On 28 January 2022, the Company’s Extraordinary General Meeting was held and resolution regarding the dissolution of the Company in the process of liquidation was passed. The commencement date of the liquidation process is 1 February 2022. As of that date, the Company changes its name to Bankowy Fundusz Nieruchomościowy Actus Sp. z o.o. in liquidation.

Campus Leszno Spółka z o.o.

Campus Leszno Sp. z o.o. (the “Company”) was established on 28 June 2018 by a company agreement in the form of a notarial deed and entered into the Register of Entrepreneurs of the National Court Register.

The Company was separated from the Bank’s structures, where it formerly functioned as the Training and Conference Center (CSK Leszno). The Company’s activity still consists in providing training and recreational services as well as providing a training, hotel and catering base. The Company’s operations include entertainment and recreational activities, activities related to the organization of fairs, exhibitions and congresses, and other business services.

The Company is trying to adapt the activities of the facility to external conditions, based primarily on the offer for individual customers, providing accommodation services, running an open-air restaurant, recreational activities, family parties and, on a much smaller scale, wedding receptions and small turnout groups. The offer is also available on

During the ongoing pandemic and the imposed restrictions, the Company introduced takeaway catering services. Thanks to the Bank’s financial support, in 2021 the Company provided meals for medics in covid wards: the hospital in Sochaczew and in December in Nowy Dwór Mazowiecki.

In 2021, the Company reported significantly less interest especially in business events and the organisation of training courses.

BGZ Poland ABS1 Designated Activity Company

BGZ Poland ABS1 Designated Activity Company (“SPV”) is based in Ireland, 3rd Floor Kilmore House, Park Lane, Spencer Dock, Dublin. It is special purpose company with which the Bank carried out a securitization transaction for a part of the loan portfolio. The Group has no equity involvement in this unit nor is it affiliated with it organizationally. The subject of the company’s activities is limited in the manner described in Article 92a Paragraph 4 of the Banking Law. The sole activity of this entity is the acquisition of receivables and the issuance of securities.

Pursuant to the agreements concluded on 11 December 2017 (as amended), the Bank transferred receivables from the portfolio of loans and cash advances and car loans granted in the Polish currency to SPV. Subsequently, SPV issued securities and took out a loan, secured with the above-mentioned receivables. From January 2020 the transaction is subject to depreciation.

SPV is consolidated for the purpose of preparing the consolidated financial statements of the BNP Paribas Bank Polska S.A. Group.

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