mBank SA (formerly BRE Bank), set up in 1986, and originally BRE – Bank Rozwoju Eksportu (Export Development Bank), is Poland's 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 operations, wealth management, corporate finance and advisory in the scope of capital markets.
Since 1992, it has been listed on the Warsaw Stock Exchange. In 2007 it started its retail operations in the Czech Republic and Slovakia.
The current mBank CEO is Cezary Stypułkowski.
mBank Group
mBank Group is composed of: mLeasing, one of Poland's leading leasing companies mBank Hipoteczny, Poland's largest mortgage bank mFaktoring, an invoice factoring business mCentrum Operacji, a subsidiary providing back office services to other subsidiaries of mBank Group mCorporate Finance, a subsidiary specialising in investment banking services mLocum, a real property developer mFinanse (formerly Aspiro), a subsidiary providing financial advisory services mFinance France mElements, a subsidiary specialising in e-commerce and API banking solutions In 2016 mBank's subsidiaries Dom Maklerski mBanku and mWealth Management become part of mBank;
Presidents
1986–1998: Krzysztof Szwarc
1998–2004: Wojciech Kostrzewa
2004–2008: Sławomir Lachowski
2008–2010: Mariusz Grendowicz
Since 2010: Cezary Stypułkowski
History
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 SWIFT.
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 investment fund company, was set up. In 1999, BRE established PTE Skarbiec-Emerytura, a pension fund.
In 1994, it signed an agreement on strategic partnership with Commerzbank. In 1998, BRE Bank merged with Polski Bank Rozwoju S.A.
In 2000, BRE bank started operations in the retail banking segment, launching mBank, the first Internet bank 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.
In 2014, mBank launched Orange Finanse, a mobile retail bank. In 2015, mBank entered into long-term cooperation with AXA Group.
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 Covid-19 pandemic.
Solutions offered by mBank
Electronic banking system: Since June 2013 the bank has been serving its retail customers through New mBank, a redesigned electronic banking platform. Customers have been offered a number of new solutions, including mOkazje, a discount programme giving access to personalised rebates, and the help of on-line experts available via chat, voice calls and video calls who serve clients in a way similar to brick and mortar branches. Mobile banking: In February 2014, the bank launched a new version of its mobile banking platform. The smartphone application gives access to bank accounts, cards, loans, deposits, insurance products, current share prices, currency exchange rates and investment portfolio. It also allows mobile payments (NFC contactless payments, QR code scanning, BLIK payment system) and enables customers to take out loans in 30 seconds and make money transfers using the beneficiary's phone number. Reorganisation of the existing network using two types of branches: light branches giving quick access to basic services, located in shopping centres, and advisory centres, bigger outlets located in office buildings.
Controversial foreign loans involvement
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 financial crisis of 2007-08, Swiss Franc has significantly strengthened to Polish zloty. In case of some loans granted by mBank in 2008, their value increased twofolds.