Cerberus Capital Management has further strengthened its position in the Polish banking sector through its local unit, VeloBank SA, which is to acquire the retail banking operations of Citi’s Bank Handlowy SA, according to a report by Bloomberg.
The transaction, valued at up to PLN532m ($142m), encompasses PLN8.9bn in assets and is expected to close by mid-2026, subject to regulatory approvals.
The acquisition marks a strategic expansion for VeloBank and aligns with Bank Handlowy’s ongoing pivot toward a pure-play corporate and investment banking model, a transition it has pursued since 2021.
Cerberus entered the Polish retail banking market in 2024 following its acquisition of the restructured operations of Getin Noble Bank SA. Benefiting from a high interest-rate environment and favourable market dynamics, VeloBank has since grown its asset base to over PLN50bn and turned a profit, positioning itself as a rising player in the sector.
The transaction reflects growing international investor interest in Poland’s banking industry, which has seen record profitability in recent quarters. Earlier this month, Austria’s Erste Group agreed to acquire Santander’s Polish retail banking arm, underscoring the market’s appeal.
