An affiliate of Cerberus Capital Management, L.P. (“Cerberus”), the European Bank for Reconstruction and Development (“EBRD”) and the International Finance Corporation (“IFC”, a member of the World Bank Group) (and jointly, the “Shareholders”) today announced the completion of the acquisition of Bank Handlowy’s Retail Operations by VeloBank S.A. (“VeloBank” or the “Bank”). The transaction, first announced in May 2025, was completed on 12 June 2026 following receipt of all necessary regulatory approvals and the successful preparation for migration of Citi Handlowy’s Retail Operations into VeloBank. The Shareholders provided capital support for the transaction.
The transaction involves the demerger of Citi Handlowy’s Retail Operations to VeloBank, including wealth management, micro business banking, credit cards, consumer loans, deposits and assets under management, consumer clients of the brokerage business, branches, and other consumer-related assets. The transaction encompasses approximately PLN 6 billion in loans and approximately PLN 22 billion in deposits. The transferred retail assets will not include Citi Handlowy’s portfolio of foreign currency-denominated loans.
This acquisition marks a transformative milestone in VeloBank’s development by expanding its product offering and strengthening its position as a challenger bank in Poland. By reaching a broader customer base – particularly in the affluent segment – the acquisition complements VeloBank’s existing market positioning and increase brand visibility. VeloBank’s 2026–2028 strategy envisages continued dynamic growth in the retail segment, including in private banking and SMEs. The acquisition of Citi Handlowy’s retail operations is a key element of this process.
“We are closing an intensive integration phase while opening a new chapter in VeloBank’s development. Thanks to this transaction, we have significantly strengthened our capabilities in private banking, investment services and credit cards, while also building an even stronger position in the retail banking market.” said Adam Marciniak, CEO of VeloBank. “We are combining the experience, relationships and know-how of both organizations to create a modern, agile and technology-enabled bank that is even better positioned to meet customers’ needs. This acquisition enhances further growth potential for VeloBank, as a result of larger scale of our business and a more diversified product offering and customer base, which will help deliver on our long-term business ambitions.”
Commenting on the completed acquisition, Charles Dunlap, Senior Managing Director, Head of Global Financial Institutions Group Advisory at Cerberus, added: “VeloBank’s management team has delivered a remarkable transformation since 2024, and, as its majority shareholder, we are delighted to continue supporting the bank in the next ambitious phase of its development.”
Francis Malige, Managing Director for Financial Institutions at the EBRD, stated: “We welcome the successful completion of this acquisition, which will strengthen VeloBank’s retail offering and make it more comprehensive for clients across all segments. It reflects VeloBank’s continued progress in building scale, enhancing competitiveness, and delivering high-quality, innovative financial services. This transaction further underlines the EBRD’s ongoing commitment to supporting a strong, resilient, and well-functioning banking sector in Poland.
Ary Naïm, World Bank Group Country Manager for Poland, said: “The completion of this transaction marks an important milestone for Poland’s financial sector and supports the emergence of a larger banking player with an expanded range of products and services for customers. By expanding access to finance, climate finance, and digital solutions, this investment will help create jobs and contribute to a more competitive and resilient financial sector in the country.”
Customer deposits of VeloBank and those coming from Bank Handlowy are invariably covered by the protection of the Bank Guarantee Fund on the same principles as in other banks covered by the Polish deposit guarantee system.
Cleary Gottlieb Steen & Hamilton and Greenberg Traurig acted as legal advisors to the Shareholders and the Bank.
About VeloBank
VeloBank offers modern financial solutions for individual clients, including private banking, as well as businesses of all sizes and public sector institutions. It ranks among the ten largest banks in Poland. VeloBank’s strategy is built on technology and innovation, including GenAI, designed to enhance convenience for both customers and employees. Comprehensive services are delivered through modern online and mobile banking platforms, as well as through branches across Poland. VeloBank is owned by the American fund Cerberus Capital Management, together with international financial institutions, the European Bank for Reconstruction and Development and the International Finance Corporation (IFC), a member of the World Bank Group. VeloBank’s capital group also includes VeloLeasing S.A., the investment fund company VeloFunds TFI, and a brokerage office.
Under its latest strategy, “Aim Higher” (“Mierz wyżej”), for 2026–2028, the bank aims to acquire one million new customers, double its loan portfolio from PLN 19 billion to PLN 43 billion, and grow investment product volumes to approximately PLN 20 billion. In the coming years, VeloBank also aims to rank among the top three financial institutions in Poland in terms of customer satisfaction and quality of service.
About Cerberus
Founded in 1992, Cerberus is a global leader in alternative investing with approximately USD 70 billion in assets across complementary credit, private equity, and real estate strategies. The Firm invests across the capital structure, where its integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Cerberus’s tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for its investors.
About EBRD
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 40 economies across three continents. The Bank is owned by 77 countries, as well as the European Union and the European Investment Bank. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated.
The EBRD is a leading institutional investor in Poland, having invested more than €16.7 billion in the country through over 590 projects since 1991.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.