VeloBank completes the integration of Citi Handlowy Retail Operations

On June 15, VeloBank completed the integration of Citi Handlowy’s Retail Operations, with customers, products, branches and financial assets now incorporated into the bank. The completion follows the transaction announcement in May 2025.

Following 12 months of preparation, Citi Handlowy customers were migrated to VeloBank. They have retained their existing products and relationships with their advisors while gaining access to VeloBank’s offering.

The transaction covers a broad range of retail banking activities, including micro-business banking, private banking, credit cards and investment products. Approximately 500,000 customers have joined VeloBank as part of the transaction. VeloBank also acquired  a loan portfolio of approximately PLN 6 billion, customer deposits of approximately PLN 21 billion and approximately PLN 11 billion in assets under management as part of the transaction.

The transaction represents a key milestone in VeloBank’s development and an important component of the “Aim Higher” strategy for 2026-2028. It supports the bank’s expansion in the affluent and credit card segments and strengthens its market position.

Strengthening private banking

Following the integration, VeloBank is further strengthening its management team. Andrzej Wilk will join the Management Board as head of private banking. He brings extensive experience from Citi Handlowy, reinforcing VeloBank’s capabilities in a key area of growth.

More opportunities for over 2 million customers

The transaction enhances VeloBank’s value proposition by combining Citi Handlowy’s experience in serving affluent clients with VeloBank’s digital capabilities. Following the integration, VeloBank serves more than 2 million customers with access to enhanced digital banking and broader product offering. Individual cases where customers require support are currently being addressed on an ongoing basis.

Former Citi Handlowy retail customers now have access to VeloFunds TFI investment products and VeloBank’s brokerage platform, which covers domestic and international markets.

“We are closing an intensive integration phase while opening a new chapter in VeloBank’s development. Thanks to this transaction, we have significantly strengthened our capabilities in private banking, investment services and credit cards, while also building an even stronger position in the retail banking market. This provides a solid foundation for further strengthening the bank’s position in the domestic market. Our combined team worked at full pace for a year and intensified its efforts during the final months leading up to the migration to make the transition as smooth as possible for customers. We regret that, for some customers, the transition was not as seamless as we would have liked. However, we are convinced that, in the long term, all customers will see the positive impact of this change,” emphasizes Adam Marciniak, Chief Executive Officer of VeloBank.

Commenting on the completed acquisition, Charles Dunlap, Senior Managing Director, Head of Global Financial Institutions Group Advisory at Cerberus, added: “VeloBank's management team has delivered a remarkable transformation since 2024, and, as its majority shareholder, we are delighted to continue supporting the bank in the next ambitious phase of its development.”