Bank Polska Kasa Opieki Spółka Akcyjna was established in 1929. Activities of the bank embraced the activities of a commercial bank. Its main objective was to provide services to major centers of Polish emigration. The bank has established a network of foreign branches, first in France and Argentine, then in Palestine, to serve the community of Polish Jews. In 1938 the Bank received a license to establish a branch in the United States.
During the World War II, wartime Head Office of the Bank was established in Paris and then it has moved to London. The reconstruction of the Bank in Poland started in April 1945. In 1948 Bank Pekao SA has survived a banking system reform as an independent institution. Its existence did depend on the introduction of the "internal export" scheme. For the system to operate efficiently the Bank expanded its network abroad and became the leading supplier of foreign currencies to the state balance of payments. In 1969 the State Treasury acquired a controlling stake in the Bank.
In 1989 another reform of the Polish banking system took place: banks no longer had to be specialized, and new banks could be created. The Management Board, started to implement a strategy of a universal bank providing a full range of retail and corporate and investment banking services. As a result, Bank Pekao S.A. has become an unquestionable leader on the market that constantly introduces new products and innovative solutions to the Polish market. It has established the first securities brokerage house in Poland. Activities of the Bank as far as securities market is concerned have considerably contributed to the development of the Polish capital market.
In 1996 the Pekao S.A. banking group was formed, which consisted of Pekao S.A. and three subsidiary commercial banks: Bank Depozytowo-Kredytowy S.A. in Lublin, Pomorski Bank Kredytowy S.A. in Szczecin, and Powszechny Bank Gospodarczy S.A. in Łódź. Total assets of the banking Group constituted nearly one fifth of the Polish banking sector assets. The merger of the banks belonging to the Group took place in 1999. In May 1998, Polish Securities and Exchange Commission (KPWiG) admitted shares of Bank Pekao S.A. - Grupa Pekao S.A. to public trading. In October 1998, Electronic Branch of the Pekao S.A. Group started its operations offering its customers access to their accounts on the Internet. It was the first such branch in Poland and Central, and Eastern Europe.
In 1999, the sale transaction of 52.09% of equity capital of Bank Pekao SA to a strategic investor of Bank Pekao SA and one of the leading Italian banks UniCredito Italiano SpA, and Allianz Aktiengesellschaft took place on the OTC market.
Bank Pekao SA is dedicated to strengthening of its leading position on the domestic market and steady development on the markets of Central Europe. It aims at increasing efficiency and profitability. Besides rapid development of the network of outlets and ATM machines the Bank plans to dynamically develop modern channels of distribution such as e-banking, telephone banking and direct distribution of products.
