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Report 2022


Bank’s response to armed conflict in Ukraine

In the wake of Russian aggression against Ukraine, Bank Pekao has supported the Ukrainian people in every possible way. A special offer has been prepared for individual and corporate customers. Changes have been made to the rules of cooperation with entities that maintain business relations with sanctioned countries in connection with the aggression against Ukraine. The assistance provided by the Bank’s volunteers to the victims of the aggression in Ukraine is discussed in chapter “Employee volunteer work program”

Business relations

In July 2022, in accordance with the Order of the Bank’s President “Principles of Cooperation between Bank Polska Kasa Opieki Spółka Akcyjna and Entities Maintaining Business Relations with Sanctioned Countries in Connection with the Aggression against Ukraine”, the “List of Sanctioned Countries in Connection with the Aggression against Ukraine” (hereinafter: “List of Countries”), which is updated monthly, was created. Within its framework, the Bank’s units verify the entities invited to participate in the Bank’s purchasing procedures, based on their classification (categories A, B, C, D, F) on the basis of the list of entities published and updated by the Yale School of Management University (hereinafter: “List of Entities”)*. The Yale list currently includes 1,389 entities. The Bank has taken steps to terminate or reduce cooperation with the 2.19% of entities on the Yale List with which cooperation was established, but due to the ongoing aggression in Ukraine, it cannot be continued. Entities that do not withdraw their business relations from countries on the “List of Countries” (Category F) are not allowed to participate in purchasing procedures. In addition, the Bank’s units are taking steps to terminate or suspend cooperation with entities with which the Bank has entered into current agreements, and which are not withdrawing their business relations with entities on the “List of Entities” – Category F.

A similar analysis was carried out in the credit process.

*The list is available at the address:

Offer for customers

In 2022, meeting the needs of customers from Ukraine, the Bank simplified to the maximum the procedure for opening an Advantage Account for citizens of that country – a single identifying document, such as a passport, was sufficient. The Helpful Account, on the other hand, was an option for those who did not have the documents needed to open an Advantage Account, namely an international passport or ID Cards. When opening it, the procedure was even simpler – documents other than a passport were also accepted, including, among others, an internal passport – a Grazhdan Ukrainian passport, a certificate of confirmation of legal residence in Ukraine for a citizen of another country, a Polish identity document for a foreigner or a temporary Polish travel document for a foreigner, a certificate issued by the Consulate, confirmation of the assignment of a PESEL number or the mCitizen application. Both accounts allow for the efficient execution of financial needs – receipts from aid benefits received, making ongoing payments by cards or through electronic banking. It is important to note that Bank Pekao does not charge fees for operating them. The Bank has abolished – for Ukrainian citizens – both the fee for operating the account card and making cash withdrawals with it at ATMs in Poland and abroad. With an Advantage account there is also an additional possibility to have a sub-account in 4 different currencies (USD, EUR, CHF, GBP) and exchange currencies at favorable rates. The Bank also does not charge a foreign exchange commission/margin on account card transactions abroad. In addition, in conjunction with the Social Insurance Institution, the Bank made it possible to apply for 500+ and 300+ benefits using the PeoPay app and Pekao24 online banking. Both the PeoPay mobile application and Pekao24 online banking are available in Ukrainian. In addition, the Bank has provided service in Ukrainian by hotline consultants.

A wide-ranging offer for PLN 0 has been prepared for Ukrainian entrepreneurs. The Bank decided not to charge fees for business accounts, debit cards, and provided full and free cash service, as well as e-banking service. Facilitations have also been introduced in the process of establishing business relations for Ukrainian companies.

In the first days of January 2023, Bank Pekao extended a special offer aimed at citizens from across the Ukrainian border waiving fees for account maintenance, card processing, and withdrawals from all ATMs in Poland and abroad, including Ukraine, for another year. In addition, the Bank has extended in time the possibility of making free transfers from and to Ukraine for all individual customers of the Bank, including citizens of that country.

Helping Ukraine rebuild

In a 2022 report, “The Greatest Reconstruction in Modern Europe”, Bank Pekao analysts estimated that for Poland, the total benefit to the economy from the reconstruction of Ukraine could be 3.6-3.8 percent. GDP and will be spread over at least a decade. According to the Bank’s macroeconomists, Poland could count on one hand on direct benefits from the participation of domestic entities in the reconstruction of its eastern neighbor, and on the other hand on much greater indirect benefits related to Ukraine’s return to its pre-war economic trajectory and the process of its integration into the European Union. Rebuilding Ukraine will require not only the restoration of damaged buildings, factories and infrastructure, but also the stabilization of the country’s macroeconomic foundations and its reintegration into global supply chains, as well as the restoration of access to services. Representatives of Bank Pekao’s Management Board, at official events and conferences, declared their readiness to act, arguing that Poland is a trustworthy partner for Ukraine, able to offer real help in bringing Ukraine back on the path of sustainable growth.

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