The US investment bank signed two major distribution agreements in 2026, with more to follow in the second half of the year.
Goldman Sachs is expanding its network of distributors in Poland.
We are focused on building a complementary client base by significantly broadening our network of distributors in Poland - Anna Kujawska
Up until this year, the bank – which first entered the Polish structured products market in 2019 – sold its products via three distribution partners: Alior Bank, Bank Pekao and Santander Bank Polska (now Erste Bank Polska).
However, in April 2026 Goldman started a collaboration with investment house Dom Inwestycyjny Xelion, which resulted in the launch of a single stock autocall linked to Meta Platforms followed by a second autocallable product (on Rheinmetall) in May.
Two more partners were added in June. An express certificate on the share of PKO BP was issued via Ipopema Securities while a worst-of autocall on Advanced Micro Devices and Taiwan Semiconductor is currently available for subscription via PKO Bank Polski.
Historically, Goldman Sachs has maintained a preeminent position in the Polish structured certificates market.
“While we have enjoyed significant market share, our distribution model was characterised by a high degree of concentration among a select group of partners,” said Anna Kujawska (pictured), executive director, structured derivatives solutions, Global Banking & Markets at Goldman Sachs in Paris.
Goldman’s strategic pivot this year is designed to preserve its market leadership while fundamentally diversifying its reach.
“We are focused on building a complementary client base by significantly broadening our network of distributors in Poland,” Kujawska told SRP
This initiative is already yielding tangible results.
“Since the beginning of the year, we have successfully finalized two major distribution agreements, and we are on track to conclude several additional partnerships in the second half of 2026,” added Kujawska.
This expansion is not merely a volume play.
“By collaborating more closely with a wider array of distributors, we gain a more granular understanding of the evolving needs of Polish investors […] our ultimate goal is to leverage these insights to deliver highly tailored solutions, ensuring that our product suite remains the benchmark for quality and innovation in the region,” said Kujawska, adding that the recent strengthening of the regional distribution team, including senior appointments dedicated to the Polish market, underscores Goldman’s long-term commitment to this geography.
Asset class diversification and product innovation
The vast majority of the 51 Goldman-issued products that are currently live on the SRP Poland database are linked to a basket of shares, with a small number linked to a single equity index, single stock (four each) or ETF (two).
In 2026 to date, the bank has also issued several capital protection products via its traditional distribution partners, including, among others, five equity-linked certificates distributed via Erste Bank Polska and four equity-linked certificates via Pekao.
Goldman Sachs in Poland: asset classes – market share by sales volume
Source: SRP
According to Kujawska, the Polish market has traditionally shown a strong preference for equity-linked instruments, particularly baskets of two or three stocks.
“This concentration is largely a reflection of historical market dynamics and the specific risk-return profiles requested by local distributors. However, we view the current environment as an inflection point.
“We believe that through robust educational initiatives directed at our distribution networks, we can facilitate a shift toward more sophisticated portfolios,” she said.
Goldman remains committed to diversifying the underlying asset classes available to Polish investors, which is reflected in its latest public offer, a capital protection product linked to a fund basket, for which the subscription period started on 2 June.
The 2.5-year certificate is distributed via Alior Bank and offers access to three equally weighted mutual funds: Fidelity Funds Strategic Bond Fund A (Acc), Alior SFIO – Alior Konserwatywny and PZU FIO Parasolowy – PZU FIO Papierow Dluznych Polone. At maturity, the investor participates 100% in the basket performance, capped at 21.55% and floored at an overall minimum capital return of 104%.
“While we already offer products linked to indices, ETFs, investment funds, and commodities—we are looking to scale these offerings significantly,” Kujawska said.
Apart from diversification of the underlying assets, Goldman’s roadmap for Poland also includes a knowledge transfer, with the bank conducting extensive educational programs to inform its partners about the benefits of diversifying into new asset classes and the mechanics of innovative structural profiles.
“Equity remains a cornerstone, [but] our objective is to provide Polish investors with the same breadth of cross-asset opportunities that Goldman Sachs offers globally, tailored to the local economic landscape,” Kujawska concluded.
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