Erste Group is preparing a tender offer for Erste Bank Polska shares
Poland's third-largest bank, now operating under the name Erste Bank Polska (formerly Santander Bank Polska), is facing another move by its main shareholder. Erste Group Bank AG has announced a tender offer that would raise its stake from the current 49% to as much as 75%. For millions of the bank's customers, this is a natural moment to ask: what does this actually mean for my account, my loan or my deposit?
How the change of owner came about
Erste Group announced the completion of its acquisition of a 49% controlling stake in Santander Bank Polska on 9 January 2026, for a total cash consideration of approximately 7.0 billion euros (including a 50% stake in Santander TFI). In that same announcement, Erste Group said that rebranding, meaning the change of name and logo, was planned within the second quarter of 2026, and that the decision on the new name was to be made at an Extraordinary General Meeting on 22 January 2026.
The new tender offer: aiming for up to 75% of the shares
On 25 September 2026, Erste Group stated in an official stock-exchange disclosure that it plans to launch a voluntary tender offer for additional Erste Bank Polska shares, with the objective of increasing its stake from 49% to above 50%, but not exceeding 75% of the company's capital. The offer price will be approximately PLN 713 per share in cash, which reflects a 22.1% premium over the PLN 584 per share reference price from the announcement made in May 2025. On the day the plan was announced, that price also represented an approximately 11.7% discount to the share's last closing price of PLN 807.6.
Erste Group stated that it intends to fund the offer exclusively from its own internal resources, and that after the transaction it targets a post-offer CET1 capital ratio above 14.25%.
The conditions that must be met
The tender offer is not yet a sure thing. It depends on several conditions set out in Erste Group's disclosure:
- The shares tendered in the offer, together with Erste Group's existing 49% holding, must represent at least 50% of the company's share capital.
- Shareholders representing at least 25% of Erste Bank Polska's shares must enter into a commitment with the company and Erste Group not to tender their shares (the "free float" condition).
- Approval is required from Poland's financial regulator, the Polish Financial Supervision Authority (KNF/PFSA), for Erste Group to cross the 50% voting threshold.
Importantly, if more than 26% of shares are tendered into the offer, which would breach the free-float condition, Erste Group intends to declare the offer unsuccessful and remain a 49% shareholder in Erste Bank Polska.
When this will happen
According to the disclosure, notification to the PFSA was expected to be filed no later than 28 September 2026. Erste Group expects to launch the offer itself at the start of November 2026, with a subscription period of 30 days (extendable in accordance with applicable rules). Completion and settlement of the transaction are anticipated in December 2026.
What this means for the bank's customers
For people who hold a personal account, a loan or a deposit with this bank, the most important point is this: this is not a new, unknown investor entering the picture. Erste Group has already been the majority shareholder since January 2026; the tender offer only concerns an increase of a stake it already holds. As commentators noted back when the controlling stake was first acquired, customer agreements with the bank should automatically continue, and whether anything changes, for example in loan agreements, depends entirely on the decision of the bank and its shareholder, not on the fact of the ownership change itself. The same logic applies to the move from 49% to a larger stake: there is no reason to expect automatic changes to the online or mobile banking that customers use every day.
That said, if you have been wondering whether your current account or mortgage is still competitive, this is a good moment to check. You can compare current personal account offers or check the mortgage comparison ranking on BankSorter.com.
What about the safety of deposits?
Regardless of who owns a bank and in what proportion, customer deposits in banks operating in Poland under a Polish licence are covered by the Bank Guarantee Fund (BFG). As BFG itself states, the guarantee covers funds up to the zloty equivalent of 100,000 euro per depositor per institution. A change of owner, or even a further increase of the stake by a shareholder that already controls the bank, has no effect on this protection mechanism: it is a systemic safeguard, independent of any individual bank's shareholder structure.
This is a good moment for a general reminder: money held in accounts and deposits at banks with a domestic licence is safe up to that limit, regardless of corporate events such as tender offers or shareholding changes. If you are looking for a place to keep your savings, you can also compare current term deposits and savings accounts available on the market.
What you should do as a customer
The biggest risk in situations like this is not the corporate changes themselves, but attempts by fraudsters to exploit them, for example calls or emails impersonating the bank and referring to the "change of owner" or the "need to verify your account". The only reliable source of information about changes at your bank is the bank's own official website and the messages sent through the online banking or mobile app that you log into yourself, never links or phone numbers given in an unsolicited message.
If the tender-offer story has prompted you to review your own finances, it is a good opportunity to check whether your current cash loan, account or deposit still offers good value. It is worth looking at the current cash loan comparison on BankSorter.com and comparing it with your own contract.
Summary
Erste Group plans to raise its stake in Erste Bank Polska from 49% to as much as 75% through a tender offer expected to launch at the start of November 2026, at a price of around PLN 713 per share. For the bank's customers, this is primarily a corporate event rather than a change to the rules of the game: contracts continue, and deposits remain protected by the BFG up to 100,000 euro regardless of who holds what proportion of the bank's shares. Instead of worrying, use this moment to check, every so often, whether your banking products, your account, your deposit or your loan, are still competitive on the market.
Sources: Erste Group, press release on the completion of the controlling-stake acquisition (9 January 2026), Erste Group, disclosure on the planned tender offer (25 September 2026), Global Banking & Finance Review, Rzeczpospolita, on what the change of owner means for customers, Bank Guarantee Fund (BFG).