VeloBank to Acquire Citi Handlowy’s Consumer Banking Business

Cleary Gottlieb is advising VeloBank S.A. (VeloBank), its parent company Promontoria Holding 418 B.V., and their controlling shareholder, funds affiliated with Cerberus Capital Management L.P., on Velobank’s proposed acquisition of Bank Handlowy w Warszawie S.A.’s (Citi Handlowy) consumer banking business.

Citi Handlowy is majority-owned by Citibank Europe Plc, a wholly owned subsidiary of Citigroup Inc. VeloBank is a Poland-based bank providing financial solutions for individual clients, private banking, businesses of all sizes, and public sector institutions.

The transaction involves the demerger of Citi Handlowy’s consumer banking 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 was announced on May 27, 2025. Completion is expected to occur mid-2026, subject to obtaining all necessary regulatory approvals and other customary conditions precedent.

For more information, please see the press release.