VeloBank S.A., a leading Polish challenger bank, completed the acquisition of Citi Handlowy’s Retail Operations on June 12, 2026 for $1.0 billion. The deal aims to expand VeloBank's product range and bolster its market presence.
| Acquirer | VeloBank S.A. |
| Target | Citi Handlowy’s Retail Operations |
| Value | $1.0 billion |
| Type | Acquisition |
| Date Announced | N/A |
| Closed Date | June 12, 2026 |
| Buy-side Advisors | Cerberus Capital Management |
| Sell-side Advisors | Citibank N.A. |
| Legal (buy) | Cleary Gottlieb Steen & Hamilton, Greenberg Traurig |
| Legal (sell) | N/A |
VeloBank S.A. acquired Citi Handlowy’s Retail Operations for $1 billion to bolster its offerings and competitive edge in Poland's banking sector. The deal includes a loan portfolio of approximately PLN 6 billion and deposit assets of around PLN 22 billion.
Deal Mechanics
Cerberus Capital Management acted as the financial advisor for VeloBank, while Citibank N.A. facilitated the transaction on behalf of Citi Handlowy. Legal counsel for VeloBank included Cleary Gottlieb Steen & Hamilton and Greenberg Traurig.
Strategic Rationale
The acquisition enables VeloBank to integrate a broad range of financial products, enhancing its ability to compete with larger incumbents in the Polish market. This move strategically positions VeloBank as a significant player by expanding its customer base and product suite.
Financial Context
This transaction marks a major step forward for VeloBank's growth strategy, significantly increasing its asset size through the acquisition of Citi Handlowy’s retail banking assets. The inclusion of substantial loan and deposit portfolios solidifies VeloBank's financial position in Poland.
Advisors
Cerberus Capital Management served as the buy-side advisor for VeloBank, while Citibank N.A. represented Citi Handlowy on the sell side. Legal advice for the acquirer came from Cleary Gottlieb Steen & Hamilton and Greenberg Traurig.
Outlook
VeloBank anticipates further market expansion with its newly acquired retail banking operations, leveraging its strengthened financial position to attract a broader customer base in Poland. This acquisition is expected to drive significant growth for VeloBank over the coming years.