mBank and PGGM enter into € 1.1 billion credit risk sharing transaction backed by loans to commercial real estate projects

mBank and PGGM have entered into a credit risk sharing transaction referencing a € 1.1 billion portfolio of commercial real estate loans in Poland, with PGGM investing in 80% of the outstanding tranche as an anchor investor. 

This is the first significant risk transfer transaction (SRT) from the CEE region referencing exclusively CRE lending and it is also the fourth transaction in four years between mBank and PGGM. The transaction supports mBank’s long-term strategy and creates additional capacity for further growth. As part of its 2026-2030 strategy “Full Speed Ahead!”, mBank aims to increase financing supporting sustainable, transition and impact activities. 

For PGGM and its end investor Dutch pension fund PFZW, the transaction offers an opportunity to gain exposure to CRE lending in Central and Eastern Europe. In assessing the transaction, PGGM also considered mBank’s SBTi-validated decarbonisation targets, including targets covering the bank’s commercial real estate portfolio, which are relevant to PFZW’s 3D investment approach. The transaction is consistent with PGGM's approach of considering climate transition factors alongside financial considerations when evaluating investment opportunities.

Luca Paonessa, Lead Portfolio Manager, Credit Risk Sharing at PGGM: “Fuji is the fourth transaction we execute with mBank, across three distinct business areas. We are particularly happy that mBank sets an ambitious target to decarbonise its CRE loan portfolio. We thank mBank for again choosing PGGM as the key investor.” 

Karol Prażmo, Managing Director - Treasury & Investor Relations at mBank: “We are proud to be making SRT market history once again together with PGGM as the leading investor through the first significant risk transfer transaction in the CEE region referencing exclusively CRE loans. The transaction further strengthens mBank’s capital position, and enhances our capacity to support new lending opportunities. It also marks the fourth transaction completed between mBank and PGGM over the last four years, highlighting the strength of our long-standing partnership and the trust we have built together. I would like to thank the teams at both PGGM and mBank for their commitment and dedication in successfully delivering this landmark transaction.”

About mBank
Established in 1986, mBank is Poland’s fifth-largest universal banking group by total assets (as of 30 June 2026). The bank serves nearly 4.8 million retail clients and 38.8 thousand corporate clients in Poland, as well as more than 1.2 million retail clients in the Czech Republic and Slovakia. mBank offers a comprehensive range of retail, SME, corporate and investment banking services, complemented by financial services including leasing, factoring, commercial real estate financing, investment fund management and distribution, wealth management, insurance distribution, brokerage services, corporate finance, and capital markets advisory. Commerzbank is mBank’s strategic shareholder, holding a 69.0% stake in the bank.
https://www.mbank.pl/en/

About PGGM Investment Management 
 PGGM Investment Management is part of the Dutch not-for-profit pension fund service provider PGGM. It fulfills a social mandate: the sustainable investment of the pension capital of around three million participants of PFZW, the pension scheme for the Dutch health and welfare sector. On 30 June 2026, PGGM IM managed EUR 271 billion in public and private markets globally.  
More information about PGGM IM: annual-report-pggm-vermogensbeheer-bv-2025.pdf