Stronger capitalization than peers', given stricter regulatory requirements. Sound profitability underpinned by good franchise and cost efficiency. Likelihood of extraordinary support from its parent, Commerzbank, if needed. High exposure to foreign currency denominated mortgages. Some reliance on wholesale and parental funding (Swiss franc subordinated debt). Geographic concentration predominantly in Poland. S&P Global Ratings' negative outlook on Poland-based mBank mirrors the outlook on its parent Commerzbank AG (A-/Negative/A-2). We expect mBank to remain a strategically important subsidiary of Commerzbank, and consider that mBank would be likely to benefit from parental support if needed during our 24-month outlook period. We could consider downgrading mBank if we downgraded Commerzbank, or if we perceived a weakening in mBank's strategic importance to its parent and
