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Goldman Advances Overhaul With Sale of Polish TFI Stake to ING
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Key Takeaways
Goldman will sell its remaining TFI stake to ING, giving ING full ownership of the unit.
ING has held 45% of TFI since 2019 and aims to close the deal in the first half of 2026.
The purchase will trim ING Bank Slaski's capital ratios by about 34 bps with minimal group impact.
The Goldman Sachs Group, Inc. (GS - Free Report) has reached an agreement with ING Bank Slaski to divest its Polish asset management firm, TFI. The deal, targeted for completion in the first half of 2026 pending regulatory signoff, will end Goldman’s presence in the Polish retail investment market while cementing ING’s long-term ambitions in the region.
Goldman’s TFI, under its stewardship, had grown to serve more than 736,000 clients and had 48 billion PLN in assets under management. This means Goldman built a significant presence in Poland. But with the exit, ING will likely rebrand the operations fully under its own name, gradually diluting the “Goldman” brand in this part of Eastern Europe.
Michal Boleslawski, CEO of ING Bank Slaski, stated, “We are placing increasing emphasis on Private Banking and investment solutions. Taking over full control of Goldman Sachs TFI further reinforces our position in the investment and retirement markets. Under the ING brand, we want to offer clients a comprehensive range of solutions – from deposits to investment products.”
Transaction & Financials Details of GS Deal
ING Bank Slaski has held the current 45% of TFI since 2019, via its subsidiary ING Investment Holding, and with the new agreement, it will acquire the remaining 55%, bringing ING's stake to 100%.
Notably, this acquisition is expected to impact ING Bank Slaski's consolidated total capital ratio and tier 1 ratio by approximately 34 basis points; however, it will have a negligible effect on ING Group's common equity tier 1 ratio.
GS Rationale Behind the Divestiture Deal
Goldman acquired control of what is now Goldman Sachs TFI through its 2022 takeover of NN Investment Partners. By selling its stake now, Goldman sheds its majority exposure in a mature but relatively small asset-management market — likely freeing up capital and management bandwidth for other priorities.
Under CEO David Solomon, the company has embarked on a deliberate transformation to exit non-core consumer banking and double down on the divisions where Goldman maintains a clear competitive advantage.
In sync with its restructuring efforts, in the third quarter of 2025, Goldman completed the sale of its GM credit card business to Barclays. In 2024, Goldman completed the sale of GreenSky. In 2023, it sold its Personal Financial Management unit to Creative Planning and also sold substantially all of Marcus’s loan portfolio, part of its broader retreat from consumer banking.
These moves demonstrate a well-thought-out exit, allowing the company to reallocate capital and attention toward higher-margin, more scalable businesses.
Goldman’s Price Performance & Zacks Rank
Over the past year, shares of GS have rallied 36.1%, outperforming the industry’s growth of 24.7%.
In September 2025, HSBC Holdings PLC (HSBC - Free Report) agreed to sell its retail banking business in Sri Lanka to Nations Trust Bank PLC (“NTB”).
The deal includes the accounts, credit cards, and retail loans of roughly 2,00,000 clients of Sri Lanka’s branch. As part of the transaction, NTB will provide an employment offer to the existing staff. This deal, expected to be completed in the first half of 2026, subject to regulatory approvals, is anticipated to generate an immaterial pre-tax gain for HSBC by completion.
The same month, Bank of Montreal (BMO - Free Report) initiated a process to sell some of its U.S. branches, which hold approximately $6 billion in deposits, per the Wall Street Journal, as cited by Reuters, citing people familiar with the matter.
The move highlights BMO’s efforts to exit select geographies and streamline its U.S. retail footprint following its largest acquisition in 2023.
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Goldman Advances Overhaul With Sale of Polish TFI Stake to ING
Key Takeaways
The Goldman Sachs Group, Inc. (GS - Free Report) has reached an agreement with ING Bank Slaski to divest its Polish asset management firm, TFI. The deal, targeted for completion in the first half of 2026 pending regulatory signoff, will end Goldman’s presence in the Polish retail investment market while cementing ING’s long-term ambitions in the region.
Goldman’s TFI, under its stewardship, had grown to serve more than 736,000 clients and had 48 billion PLN in assets under management. This means Goldman built a significant presence in Poland. But with the exit, ING will likely rebrand the operations fully under its own name, gradually diluting the “Goldman” brand in this part of Eastern Europe.
Michal Boleslawski, CEO of ING Bank Slaski, stated, “We are placing increasing emphasis on Private Banking and investment solutions. Taking over full control of Goldman Sachs TFI further reinforces our position in the investment and retirement markets. Under the ING brand, we want to offer clients a comprehensive range of solutions – from deposits to investment products.”
Transaction & Financials Details of GS Deal
ING Bank Slaski has held the current 45% of TFI since 2019, via its subsidiary ING Investment Holding, and with the new agreement, it will acquire the remaining 55%, bringing ING's stake to 100%.
Notably, this acquisition is expected to impact ING Bank Slaski's consolidated total capital ratio and tier 1 ratio by approximately 34 basis points; however, it will have a negligible effect on ING Group's common equity tier 1 ratio.
GS Rationale Behind the Divestiture Deal
Goldman acquired control of what is now Goldman Sachs TFI through its 2022 takeover of NN Investment Partners. By selling its stake now, Goldman sheds its majority exposure in a mature but relatively small asset-management market — likely freeing up capital and management bandwidth for other priorities.
Under CEO David Solomon, the company has embarked on a deliberate transformation to exit non-core consumer banking and double down on the divisions where Goldman maintains a clear competitive advantage.
In sync with its restructuring efforts, in the third quarter of 2025, Goldman completed the sale of its GM credit card business to Barclays. In 2024, Goldman completed the sale of GreenSky. In 2023, it sold its Personal Financial Management unit to Creative Planning and also sold substantially all of Marcus’s loan portfolio, part of its broader retreat from consumer banking.
These moves demonstrate a well-thought-out exit, allowing the company to reallocate capital and attention toward higher-margin, more scalable businesses.
Goldman’s Price Performance & Zacks Rank
Over the past year, shares of GS have rallied 36.1%, outperforming the industry’s growth of 24.7%.
Price Performance
Currently, Goldman carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Firms Taking Similar Steps
In September 2025, HSBC Holdings PLC (HSBC - Free Report) agreed to sell its retail banking business in Sri Lanka to Nations Trust Bank PLC (“NTB”).
The deal includes the accounts, credit cards, and retail loans of roughly 2,00,000 clients of Sri Lanka’s branch. As part of the transaction, NTB will provide an employment offer to the existing staff. This deal, expected to be completed in the first half of 2026, subject to regulatory approvals, is anticipated to generate an immaterial pre-tax gain for HSBC by completion.
The same month, Bank of Montreal (BMO - Free Report) initiated a process to sell some of its U.S. branches, which hold approximately $6 billion in deposits, per the Wall Street Journal, as cited by Reuters, citing people familiar with the matter.
The move highlights BMO’s efforts to exit select geographies and streamline its U.S. retail footprint following its largest acquisition in 2023.