Citigroup's Polish unit presents strategic plan to transition to institutional banking by 2027
GDANSK, May 28 (Reuters) - Poland's Citi Handlowy (BHW.WA), opens new tab announced late on Tuesday that it has established new strategic development directions for years 2025 through 2027, on the condition that an agreement to sell its consumer business to VeloBank is sealed.
Upon finalising the transaction, the bank intends to introduce a new business model focused on institutional value beginning in 2027. By that time, it aims to shift profits from consumer business to higher earnings from institutional banking and to diversify the revenue streams and balance sheet structure of its institutional banking division.
The company's new goals include keeping the cost of income ratio below 30%, compared to the 45% seen in the strategy published in December.
Under the updated strategy, the planned regular dividend payout ratio over a three-year period is expected to range between 75% and 100%, the bank said.
In December, the bank projected a 15% return on equity for 2027, but now expects it to reach about 19%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
22 minutes ago
- The Sun
Shoppers race to get their hands on HUGE Haribo tubs scanning for just £1.25 at major supermarket
SHOPPERS are getting their sugar fix as huge tubs of Haribo go on sale for just £1.25. The 600g share boxes were originally £5, treating customers to a huge £3.75 saving. 2 The tubs are on offer at Tesco for Clubcard holders and contain packets of Supermix, Starmix and Tangfastics. One savvy spender shared a snap of her hoard after she took advantage of the bargain and picked up three tubs. "Tesco! Haribo share tubs £1.25!" she wrote on Extreme Couponing and Bargains UK group. Other members of the group flocked to the comment section to praise the impressive find. "Stopping at Tesco on your way home?" one wrote, tagging her husband. "I thought I did well at £2.50 a tub last week," another added. "If you see these for that price, I need two please," a third joked. The deal is available in selected stores only, so it's worth checking with your local branch before visiting the shops. But remember, you'll need a Clubcard to bag yourself the offer. The supermarket giant recently announced it was making a huge change to their loyalty scheme - and it was good news for electric drivers. Electric car owners can now earn loyalty points when charging their vehicles at the popular supermarket chain from today. Clubcard members will now earn one point for every £1 spent charging at Pod Point's Vauxhall-branded chargers at Tesco stores. Tesco says the move is part of its latest partnership with tech provider Pod Point. EV drivers could also bag a whopping 2,500 Clubcard points by subscribing to Pod Point's all-inclusive home charging plan. Charging bays are available at over 600 Tesco car parks across the UK. Shama Wilson, Tesco's group membership and loyalty director, said: "You can now park at your local Tesco and top up your electric vehicle while you shop, in the knowledge that you are collecting Clubcard points towards a future Tesco shop or to exchange with one of our reward partners." "We're thrilled to deepen our long-standing partnership with Tesco and provide an incentive for Clubcard members to make the switch to an EV and join over a quarter of a million customers that trust Pod with their changing needs," Pod CEO Melanie Lane added. It comes after the supermarket giant revealed that it had hit 500,000 charges – providing more than 10 million miles of complimentary carbon neutral motoring. Tesco, in partnership with Pod Point, is installing free charging points at 600 supermarkets around the UK as part of their commitment to improving electric car charging infrastructure.
Daily Mail
23 minutes ago
- Daily Mail
Man United 'made contact' with Aston Villa's Emi Martinez, Argentina media claims... with Ruben Amorim in the market for a goalkeeper this summer after Andre Onana's difficult season
Manchester United reportedly made contact with Aston Villa over signing goalkeeper Emi Martinez in the winter transfer window. United, who endured a miserable campaign, finishing in 15th and missing out on European football for just the second time in 35 years, were looking to bolster their squad ahead of a difficult second half of the season. Current shot-stopper Andre Onana made a number of high-profile errors throughout the campaign and was eventually dropped by Ruben Amorim for United's clash against Newcastle in April. And the Cameroonian's inconsistent form saw the Red Devils turn their attention towards the Argentine. Amorim's side contacted Villa about a move for Martinez in the January transfer window but eventually decided to keep faith in Onana, according to Argentine outlet TyC Sports. That decision may have cost United, with Onana's form failing to pick up in the second half of the season. The 29-year-old made a series of errors, including two in a 2-2 draw against Lyon in the first leg of their crucial Europa League quarter-final. It came after Onana had been involved in a war of words with former United - and now Lyon - midfielder Matic. Matic had taken exception to Onana claiming Lyon are a 'very good team' but that 'I think we are better than them', branding the shot-stopper 'one of the worst goalkeepers in Man United history'. Onana's words came back to haunt him as he made mistakes for both Lyon goals and he was jeered by the French side's supporters throughout the game. His poor form culminated in being replaced by Altay Bayinidir, who made his own clanger during United's 4-1 loss to Newcastle. TYC Sports also claim that United will be interested in Martinez if he leaves Villa this summer. The Argentine, who was named the Best Fifa Men's Goalkeeper for the second time in three years in December, looks set to leave Villa Park. The 32-year-old moved to Aston Villa five years ago from Arsenal and has shone, reaching the Champions League quarter-finals this season. He appeared to bid farewell to Villa fans and was in tears during their final home game, a 2-0 win over Tottenham, last month. He was then sent off in the final Premier League game of the season - a 2-0 defeat at Old Trafford which saw Villa miss out on the Champions League to Newcastle. Asked about his future ahead of Argentina's upcoming World Cup qualifiers, Martinez said: 'I don't know, I come here to play for the national team, and that's the only thing that matters to me right now.
The Guardian
35 minutes ago
- The Guardian
Hungary postpones vote on law to curb foreign-funded organisations
Hungary's ruling party has postponed a planned vote on draft legislation aimed at organisations that receive foreign funding, following weeks of protests and warnings that the law would 'starve and strangle' civil society and independent media. Viktor Orbán's rightwing populist party, Fidesz, put forward legislation last month that would allow the government to monitor, penalise and potentially ban organisations that receive any sort of foreign funding, including donations or EU grants. Any organisation could be targeted if it was deemed to 'threaten the sovereignty of Hungary by using foreign funding to influence public life'. The parliamentary vote had been expected to take place in mid-June. Despite critics likening the legislation to Russia's 'foreign agent' law, it was forecast to be passed by parliament as Fidesz holds a two-thirds majority. But on Wednesday, Fidesz' parliamentary party leader, Mâté Kocsis, told local media that the vote would be postponed until autumn as the government had received several suggestions regarding the law. 'We are united in our intentions, but there is still debate about the means,' he added on social media. Civil rights organisations celebrated the delay, with Amnesty International calling it a 'huge joint success'. 'Of course, we can only rest easy once this unlawful bill has been scrapped for good,' the group said on social media. 'Unfortunately, one thing is certain: the government will not give up its attempts to silence independent voices, as has been its goal since 2010.' Previously, Zoltán Kovács, a spokesperson for the Hungarian government, had said the bill had been introduced amid worries that foreign-funded organisations, primarily from the US and Brussels, were shaping the country's political discourse. The legislation takes a broad view of what constitutes a threat, describing it as acts undermining Hungary's constitutional identity or Christian culture or challenging the primacy of marriage, the family and biological sexes. The proposal was swiftly slammed by opposition politicians, who said it would allow the government to potentially shut down all independent media and NGOs engaged in public affairs, while Transparency International described it as a 'dark turning point' for Hungary. 'It is designed to crush dissent, silence civil society, and dismantle the pillars of democracy,' the organisation noted. The warning was echoed by the Hungarian Helsinki Committee. 'If this bill passes, it will not simply marginalise Hungary's independent voices – it will extinguish them,' co-chair Márta Pardavi said in a statement that described the draft law as 'Operation Starve and Strangle'. Scores of Hungarians took to the streets in protest while more than 90 editors-in-chief and publishers from across Europe, including from the Guardian, Libération in France and Gazeta Wyborcza in Poland, called on the EU to take action. Sign up to Headlines Europe A digest of the morning's main headlines from the Europe edition emailed direct to you every week day after newsletter promotion The bill pushed by Orbán – who is facing an unprecedented challenge from a former member of the Fidesz elite, Péter Magyar, ahead of elections next spring – has been described as one of his government's boldest to date. 'Its aim is to silence all critical voices and eliminate what remains of Hungarian democracy once and for all,' a joint statement, signed by more than 300 civil society and media organisations, recently noted. Magyar was quick to respond to the delayed vote, saying on social media that it would allow the government to 'squeeze even more' out of the proposed bill and 'further divert attention from … the livelihood and housing crisis, Orbán's galloping inflation and the destruction of education'. The introduction of the draft law in Hungary's parliament had marked an 'escalation' in the government's years of democratic backsliding, said Veronika Móra, the director of the Ökotárs-Hungarian Environmental Partnership Foundation. Many in the country's steadily shrinking civic space had been left rattled by the proposed law and reeling from the uncertainty of what comes next. 'And we've already felt the chilling effects, especially smaller, weaker organisations who were really frightened by the draft law and the potential consequences,' she said. 'So even if it's not passed – which would be great – it's already had an impact.'
