UniCredit and Erste Bank to reshape Poland’s banking landscape

The re-entry of UniCredit and the expansion of Erste Bank into Poland’s banking market are expected to intensify competition and accelerate digital and financial innovation.

UniCredit has finalised the EUR 376 million acquisition of Aion Bank and its technology partner Vodeno, marking its return to Poland after nearly a decade. The Italian group, which formerly owned Bank Pekao, relaunched Aion under the UniCredit brand in October 2025. Meanwhile, Austria’s Erste Bank has entered the Polish retail market by investing over EUR 7 billion to acquire stakes in Santander Bank Polska and Santander TFI.

According to Dr. Jan Gąsiorowski of Wolf Theiss, the arrival of two major European banking groups—with strong capital, digital capabilities, and experience across Central and Eastern Europe—will likely challenge established domestic players. “It will influence both individual and corporate banking, increasing competition in the large financing segment,” he said.

For retail customers, the new entrants are expected to drive lower service costs and more advanced digital products, such as integrated banking and investment platforms, real-time analytics, and AI-based financial management tools.

For corporate clients, analysts foresee broader access to international capital markets and ESG-linked financing, potentially reducing borrowing costs and increasing credit availability. Similar trends were seen in neighbouring markets such as the Czech Republic, Hungary, and Romania, where large European banks’ entries led to lower corporate margins and improved financing terms.

“Competition should translate into better access to capital for Polish businesses, especially for those pursuing international or infrastructure projects,” noted Maria Markowska-Zalewska, attorney-at-law at Wolf Theiss. She added that stronger eurozone backing could expand the scope for syndicated financing of large energy and transport developments.

Erste Bank has already been active in Poland’s project finance sector. In 2025, it joined the refinancing consortium for Varso Place in Warsaw and acted as agent in a €270 million loan to Cavatina Holding S.A.

Experts agree that while the Polish banking market is now far more advanced than during the first wave of foreign entries in the early 2000s, the effects of this new phase will unfold gradually. Over the next few years, the presence of UniCredit and Erste is expected to stimulate greater innovation, improved customer experience, and increased access to international capital, marking a new stage in the sector’s evolution.