VeloBank Finalizes Acquisition of Citi Handlowy’s Retail Business
Following a 12-month transition, VeloBank has successfully migrated Citi Handlowy’s retail operations, absorbing 500,000 new customers, 21 billion PLN in deposits, and 6 billion PLN in credit...
Following a 12-month transition, VeloBank has successfully migrated Citi Handlowy’s retail operations, absorbing 500,000 new customers, 21 billion PLN in deposits, and 6 billion PLN in credit portfolios into its own infrastructure.
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Integration and Portfolio Transfer
After a year of preparations, VeloBank has completed the migration of Citi Handlowy’s retail banking clients. Customers have retained their existing product terms and advisor relationships while gaining access to the broader VeloBank offering.
The deal encompasses micro-enterprises, private banking, credit cards, and investment products. The bank has officially taken over approximately 0.5 million clients, 2 million products, 6 billion PLN in credit portfolios, 21 billion PLN in deposits, and 11 billion PLN in assets under management.
Strategic Growth and Management Changes
The transaction is a cornerstone of VeloBank’s “Mierz Wyżej” (Aim Higher) strategy for 2026-2028. It aims to bolster the bank’s position in the affluent client segment and credit card market.
To support this growth, the management board will be joined by Andrzej Wilk. Formerly of Citi Handlowy, Wilk will take responsibility for the private banking division, bringing extensive expertise to the bank’s leadership team.
Expanding Customer Capabilities
The integration has pushed VeloBank’s total customer base to over 2 million. Clients now have access to VeloFunds TFI investment products and the VeloBank brokerage office, facilitating both domestic and international market investments.
VeloBank CEO Adam Marciniak acknowledged that the complex integration was a “two-speed” challenge. While the process encountered some friction for certain clients, the bank is actively resolving individual support cases and expects that all customers will ultimately benefit from the transition.
Shareholder Support
Charles Dunlap, Senior Managing Director at Cerberus, noted the impressive transformation of the bank since 2024. As the majority shareholder, Cerberus confirms its commitment to supporting the institution through its next phase of development.