Citi Handlowy to divest Polish consumer banking arm to VeloBank
Bank Handlowy w Warszawie, operating under the Citi Handlowy brand, has agreed to divest its consumer banking division in Poland to VeloBank.
The deal will see the demerger of various consumer banking services, including wealth management, credit cards, consumer loans, and deposits, from Citi Handlowy to VeloBank.
This transaction will also involve the transfer of employees and branches associated with the consumer banking unit to VeloBank.
Completion of the deal, which is pending regulatory and antitrust approvals, is anticipated by mid-2026.
The institutional banking operations of Citi Handlowy will not be included in this sale, as the bank plans to continue its investment and growth in these areas to serve its clients both locally and internationally.
Citi International head Ernesto Torres Cantu said: 'Citi Handlowy has been providing financial solutions to corporations in Poland through a history spanning 155 years, and we remain fully committed to Poland's economic growth and to our institutional clients in the country.
'This transaction enables us to deploy additional resources to our institutionally focused businesses, so we can continue to connect corporations in Poland to our global network.'
The management board of Citi Handlowy has received a fairness opinion from EY and another financial advisor regarding the transaction's fairness for shareholders.
Citi Handlowy received advisory support from Citi during this transaction.
This sale follows Citi's previous announcements regarding the divestiture of its international consumer banking operations, with Mexico remaining its last major consumer market.
Citi is also progressing with plans for an initial public offering of Grupo Financiero Banamex, contingent on regulatory clearances and market conditions.
Recently, Reuters reported citing unnamed sources that Citigroup will shed up to 200 IT contractor positions in China.
"Citi Handlowy to divest Polish consumer banking arm to VeloBank" was originally created and published by Retail Banker International, a GlobalData owned brand.
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