Polish businesses are increasing their presence in Ukraine through deals in the financial sector, energy, trade and e-commerce. This trend is most clearly seen in banks and insurance, where several deals and expansion plans were announced in 2026.
Poland's largest bank - PKO Bank Polski, which has owned Kredobank since 2004, is looking to increase its share outside of the western regions and Kiev. Kredobank ranks approximately seventh in western Ukraine and 14th in the country according to management's own assessment.
„PKO Bank Polski is larger in terms of assets than the entire Ukrainian banking sector, but has a relatively small presence in Ukraine. "Therefore, the natural ambition is to be more present, and not only through Kredobank," the Ukrainian bank's CEO Yakub Karnovsky told the Ukrainian publication Forbes.
According to him, Kredobank wants to become a nationwide bank, including through a presence in Odessa, Kharkiv and Poltava. Several options are being considered - organic growth, participation in the privatization of state-owned banks and the acquisition of private banks or Ukrainian subsidiaries of international groups.
Privatization opens up opportunities for new deals
Potential targets include Privatbank and Sense Bank. Karnovsky points out that in a possible deal, not only the issues related to former owners will be important, but also the information systems, geographical coverage and the possibility of acquiring a majority stake together with the European Bank for Reconstruction and Development, the International Finance Corporation or another international partner.
The interest in the Ukrainian financial sector already has a concrete example. In April, the fintech company ZEN.COM acquired 100% of the shares of the insolvent PINbank for 175 million hryvnia. The deal was carried out through a competitive procedure organized by the Ukrainian Deposit Guarantee Fund. The company announced plans to invest over 20 million euros in the development of its activities over two years.
ZEN.COM focuses on digital payments, cross-border operations between Ukraine and the European Union and multi-currency services. According to the company, 250 million hryvnias have already been invested in the bank's capital.
In May, Polish insurance group PZU signed a conditional agreement to acquire 100% of MetLife Ukraine. The deal price was not disclosed. MetLife serves about 900,000 customers and has approximately 50% of the Ukrainian life insurance market. The acquisition is expected to be completed in 2027.
Interest extends beyond finance
Polish expansion is not limited to the banking and insurance sectors. Energy group ORLEN is expanding its cooperation with Naftogaz in the supply of liquefied natural gas and petroleum products. The two companies are discussing the possibility of delivering three shipments of liquefied natural gas in the first quarter of 2027, as well as additional forms of work with “Ukrnafta“.
In the retail market, Pepco is preparing its first stores in Ukraine. The facilities in Kiev will be in the Respublika Park, Retroville and Dream Yellow shopping centers, and stores are also planned in Ternopil and Chernivtsi by the end of the year.
E-commerce is also among the sectors of Polish interest. Allegro is starting cross-border sales to Ukrainian customers without building a separate local marketplace. The company points out that the Ukrainian e-market already has 11.5 million active users, and the number of online orders between 2022 and 2024 has increased fourfold.
The deals and plans show different entry models – from acquiring banks and insurers to energy supplies, store openings and cross-border sales. What they all have in common is their focus on the Ukrainian market ahead of the country's expected large-scale recovery.
Sources: epravda.com.ua, en.interfax.com.ua, life.kyiv.ua