Cerberus Capital Management is set to acquire Citi’s Bank Handlowy SA retail banking operations through VeloBank SA for up to PLN532 million, marking a strategic expansion in Poland's promising banking sector.

Target Information

Cerberus Capital Management has entered into an agreement to acquire the retail banking operations of Citi’s Bank Handlowy SA through its local subsidiary, VeloBank SA. The transaction, valued at up to PLN532 million (approximately $142 million), encompasses PLN8.9 billion in assets and is anticipated to finalize by mid-2026, pending regulatory approval.

This acquisition represents a strategic move for Cerberus, signifying its commitment to expanding its footprint in Poland's financial landscape. Cerberus first entered the Polish market in 2024 with the acquisition of restructured assets from Getin Noble Bank, and since then, VeloBank has significantly increased its asset base to over PLN50 billion while also achieving profitability, largely attributed to favorable interest rates and robust market dynamics.

Industry Overview in Poland

The banking sector in Poland has experienced remarkable growth and profitability in recent quarters, which has attracted substantial interest from international investors. The market has become increas