Cerberus Capital Management has agreed to acquire the retail banking operations of Citi’s Bank Handlowy SA through its local platform, VeloBank SA, according to Bloomberg. 

The transaction, valued at up to PLN532m ($142m), includes PLN8.9bn in assets and is expected to close by mid-2026, subject to regulatory approval.

The deal marks a strategic expansion for Cerberus in Poland, following its 2024 entry into the market through the acquisition of Getin Noble Bank’s restructured assets. VeloBank has since grown its asset base to over PLN50bn and reported a profit, benefitting from a high-interest-rate environment and strong market dynamics.

For Citi’s Bank Handlowy, the sale aligns with its ongoing pivot to a pure-play corporate and investment banking model, a transition first launched in 2021.

Poland’s banking sector has seen record profitability in recent quarters, attracting significant international investor interest. Earlier this month, Austria’s Erste Group also agreed to acquire Santander’s Polish retail banking operations, underscoring the market’s growing appeal.

Source: Bloomberg

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