Profil:
Bank Handlowy w Warszawie SAVeloBank buys retail arm of Citi Handlowy, does not rule out further acquisitions, says CEO
VeloBank lender, which is buying the retail business of Bank Handlowy, the Warsaw-listed unit of Citigroup, and is in the process of acquiring the mutual funds company, does not rule out that if further good acquisition opportunities arise in the market, it will take a closer look at them, VeloBank's CEO Adam Marciniak told PAP Biznes.
"We have recently acquired leasing, which is growing well, we are in the process of acquiring the mutual fund company and in parallel, we are working on launching a brokerage house," CEO Marciniak told PAP Biznes.
"The purchase of the retail segment of Citi Handlowy is our third transaction since Cerberus entered, just ten months ago. We are active and do not intend to slow down - if good opportunities arise, we will certainly look at them with interest," he added.
On Tuesday, it was reported that VeloBank had signed a conditional agreement to purchase the retail business of Citi Bank Handlowy.
The deal is to cover the bank's retail banking including wealth management, brokerage services, micro-business banking, credit cards, loans, retail loans and branches.
VeloBank hopes that by reaching a wider customer base - particularly in the private banking segment - the VeloBank brand will increase its recognition.
The lender reported that the finalisation of this transaction will take place once the required regulatory approvals have been received and the so-called operational readiness has been achieved, which is expected in mid-2026.
VeloBank said that VeloBank's shareholders, i.e. funds affiliated with US SEC - registered Cerberus Capital Management, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) - will provide equity support for the transaction.
The American fund Cerberus holds the 80.2 percent stake in VeloBank, while the EBRD and IFC each have 9.9 percent.
seb/ ao/ nl/
