Polish finance expands: ETF assets surge, synthetic securitisation done

Polish investors have placed roughly 20 billion PLN in exchange‑traded funds (ETFs), a six‑month increase of 52 % that lifted total ETF‑related assets to 19.6 billion PLN by June 2026. Record inflows of 4.6 billion PLN, of which about 3.5 billion PLN were invested on the Warsaw Stock Exchange, show rapid growth despite ETFs representing only about 4 % of domestic assets, far below the European (≈12 %) and U.S. (40‑45 %) averages. Industry officials cite new bond‑linked products, rising investor awareness and pending legislative changes as drivers. Michał Kobza, board member of the Warsaw Stock Exchange, noted the market’s “large room for further growth.”

Separately, mBank and Dutch pension‑fund manager PGGM completed a synthetic securitisation of a €1.1 billion commercial‑real‑estate loan portfolio, the first of its kind in Central and Eastern Europe. PGGM acquired an 80 % mezzanine tranche under a Significant Risk Transfer structure, allowing risk to be shifted while the loans remain on mBank’s balance sheet. The deal strengthens mBank’s capital position, supports new credit issuance and aligns with its decarbonisation targets. Karol Prażmo of mBank and Luca Paonessa of PGGM highlighted the strategic importance of the transaction.