Activity of Alior Bank Group companies

The company Alior Leasing Sp. z o.o. was established in April 2015, and has operated since October 2015. Alior Bank S.A. holds 100% of its shares and 100% of the overall votes at the General Meeting of Alior Leasing Sp. z o.o. In 2019, the company’s share capital increased two-fold to PLN 15,006,000.00, and its headquarters were moved to Warsaw. In 2020, the company intends to change its business status, i.e., to transform itself into a joint-stock company.

The company’s mission is to support the growth of businesses by providing best solutions to respond to the expectations of forward-looking companies which search for a comprehensive lease offering adapted to their individual requirements. Under the Alior Leasing offering, companies can use the most popular forms of funding of fixed assets, mainly motor vehicles, necessary for operations and growth. With products such as: operating lease, financial lease and lease loan, businesses gain easy and quick access to transport vehicles, machinery and equipment. Alior Leasing holds an extensive sales network and collaborates with a broad network of business partners, dealers and vendors, as well as with Alior Bank’s sales network. The company has collaborated mainly with sole traders and SMEs, but it has also large corporate customers.

In 2019, Alior Leasing Sp. z o.o. originated new contracts at PLN 2.69 billion. The portfolio of contracts funded by the company increased from PLN 5 billion at the end of December 2019 vs. PLN 4.72 billion at the end of June 2019, and PLN 3.90 billion at the end of December 2018. Vast majority of the contracts made by the Company (92%) applies to vehicle financing.

In 2019, Alior Leasing Sp. z o.o. conducted securitisation of some part of its portfolio of accounts receivable at PLN 500 million. Under this transaction, a special purpose vehicle (the “Issuer”) with its registered office in Ireland purchased from Alior Leasing Sp. z o.o. accounts receivable resulting from loans and leasing contracts, and paid for that with funds from private issue of bonds. The bonds issued by the Issuer (72% of the value of the securitised receivables portfolio) were taken up by ING Bank Śląski. The underwriter of these bonds is the European Investment Fund. This transaction was arranged jointly by UniCredit Bank AG and ING Bank N.V. The securitisation will enable the company to diversify its funding sources and attract new funding at PLN 360 million. To enable the transaction, Alior Leasing Sp. z o.o. awarded to the Issuer a subordinated loan at PLN 140 million.

Serwis Ubezpieczeniowy Sp. z o.o is a company established in November 2016 and has operated since February 2017.

Alior Leasing Sp. z o.o. holds 100% share interest, and 100% of the total votes in General Meeting of Serwis Ubezpieczeniowy Sp. z o.o. The company’s share capital is PLN 5000 and has not changed in the reporting period.

Serwis Ubezpieczeniowy Sp. z o.o operates in the insurance market. The company’s object is agency activities related to insurance.

Alior Bank holds 100% interest, and 100% of the total votes in General Meeting of Alior Services Sp. z o.o.

Alior Services Sp. z o.o. acts as insurance agent and delivers other operational and services projects for corporate customers of Alior Bank, as well as projects expanding on the offering for Private Banking customers to strengthen our competitive position.

Alior TFI S.A. was established in 2010, initially as a brokerage focused on asset management services, and since July 2015, following transformation, it has been active as Investment Fund Company. Alior Bank holds 100% interest, and 100% of the total votes in General Meeting of Alior TFI S.A.

On 16 October 2019, Extraordinary General Meeting of Alior TFI S.A. resolved to increase its share capital by PLN 600,000.00, which was registered in the National Court Register (KRS) on 12 December 2019. The Bank, as the sole shareholder, has taken up all shares issued and paid them up in full with cash.

The collaboration between Alior Bank and its subsidiary Alior TFI S.A. involves primary the establishment and management of investment funds, and representing the same in dealing with third parties.

In the reporting period, Alior TFI S.A. conducted liquidation of two funds it managed: RBL_VC Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych and Bonus 4 Green House Development Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych. The Company launched for distribution at the Bank two new sub-funds.

On 21 May 2019, Alior TFI joined the Chamber of Fund and Asset Management (Izba Zarządzających Funduszami i Aktywami, IZFiA).

In 2019, the Alior SFIO fund attracted PLN 812,618,590.97, with outflows at PLN 160,501,176.41. The net balance was PLN 652,117,414.56.

Absource Sp. z o.o. was established on 31 March 2016. Alior Bank holds 100% of its shares and 100% of votes in General Meeting

Absource Sp. z o.o. is a company whose objects include: provision of services for information and computer technology, activities related to IT advisory, and activities related to software. Absource Sp. z o.o. focuses on the provision of computer software based on sublicensing and conducting other IT activities. Currently, the primary activities of the company consist in provision of the CAFE, CAFEM and SWK Systems under the sublicensing model. This is where Absource Sp. z o.o. generates 99% of its revenues.

Alior Bank holds 100% share interest, and 100% of the total votes in General Meeting of NewCommerce Services Sp. z o.o. In 2019, the company’s share capital was increased from PLN 600,000.00 to PLN 2,795,000.00, and the Bank, as the sole shareholder, took up the newly issued shares.

Bancovo has operated since March 2018, creating a new category of services in Poland: online financial intermediation. The “Bancovo” brand belongs to NewCommerce Services Sp. z o.o. The platform allows customers to compare actual loan offerings and enables them to quickly and easily get cash through the Internet (end-2-end) due to innovative solutions based on API, RPA, big data, machine learning, and supported by advanced UX. Bancovo aspires to become a digital dashboard for customer’s personal finances.

At the end of 2019, the company offered products of more than 25 financial institutions addressed to a broad range of audience, both to consumers (loans/advances), as well as to small-company owners (advances/microfactoring).

Alior Bank holds 100% share interest, and 100% of the total votes in General Meeting of Meritum Services ICB S.A.

Meritum Services ICB S.A. is a company active in the provision of services for information and computer technologies, and other activities related to IT. In 2015, the company’s objects were expanded to include the activities of insurance brokers and agents, activities related to risk assessment and estimation of losses, other activities supporting insurance and pension funds. Currently, the company has derived its revenues from two primary channels:

• making available to Alior Bank S.A. software under the Software as a Service (SaaS) model – about 74% of the company’s revenue.
• hiring of IT specialists to develop Alior Bank S.A.’s systems – approx. 26% of the company’s revenue.

Corsham Sp. z o.o. with its registered office in Warsaw is a company established in September 2018 and entered to the National Court Register on 22 October 2018.

On 4 February 2019, Alior Bank S.A. acquired 100% of shares of Corsham Sp. z o.o. In 2019, the company’s share capital was increased two-fold. On 28 March 2019, Alior Bank S.A. passed a resolution in the General Meeting of Corsham Sp. z o.o. to increase the company’s share capital by PLN 5,500,000.00, by issuing 110,000 equal and indivisible shares. Out of this, 80,000 shares were taken up by Alior Bank S.A. and paid for in kind by transferring all shares of PayPo Sp. z o.o. held by Alior Bank S.A. (20% of the share capital of PayPo Sp. z o.o.), whereas the remaining 30,000 were taken up by Alior Bank S.A. against cash payment.

PayPo is a startup which offers deferred payments for online shopping and a shopper protection programme. When shopping online, one can order a product and pay for it even up 30 days later, without any transactional costs and interest. The company has used its proprietary scoring system based on information collected in the web, without the need to provide such information by the customer. With PayPo, the customer can receive and check out the goods before payment. If the goods do not reach the user for any reason, he/she does not need to pay for it.

On 16 September 2019, due to the accession of a new investor to PayPo Sp. z o.o., Corsham took up 836 shares in the increased share capital of the company to preserve its existing share (20%) of share capital. The shares were paid for in cash.

On 19 December 2019, Alior Bank S.A. passed a resolution in the General Meeting of Corsham Sp. z o.o. to increase the company’s share capital which was paid up in full with cash.

On 20 December 2019, Corsham Sp. z o.o. acceded to Autenti Sp. z o.o. Due to the company’s interest and arrangements between co-investors, the amount of investment and the number of shares taken up have not been made public.

Autenti Sp. z o.o. is a comprehensive platform to authorise documents and enter into contracts online, using all sIDAS e-signatures available: standard, advanced and qualified ones. The platform established by Autenti Sp. z o.o. can be applied in many industries, which supports the company’s aspiration to become a leader for electronic signature in Poland. So far, the company has attracted as key customers BNP Paribas, Vienna Life, Credit Agricole, PGE Lumi and Medicover. The Company intends to strengthen its competitive advantage by developing its platform and carrying out expansion to European markets.

RBL_VC Sp. z o.o. was established on 23 October 2019. The company’s share capital is PLN 5000.00 and is divided into 100 shares, all taken up by Alior Bank S.A. The company was entered to the National Court Register on 7 November 2019.

The company is a target investment vehicle through which Alior Bank intends to conduct venture capital investments. The investments will involve taking up minority stakes at entities operating new solutions in the financial market and financial support services (fin-techs). Currently, it is under the KNF regulatory verification process, before entry to the register of Managers of Alternative Investment Companies (ZASI). Upon registration, it will take over the current role played by Corsham Sp. z o.o. in venture-capital investments.