VeloBank and Nest Bank eye Citi Handlowy’s retail segment

The owners of VeloBank and Nest Bank—Cerberus Capital Management and AnaCap Financial Partners, respectively—have shown interest in acquiring the retail segment of Citi Handlowy, according to reports by Puls Biznesu.

Cerberus Capital reportedly signaled its intent to Citigroup, and AnaCap Financial Partners has also submitted an offer. While it remains unclear whether these offers are binding or preliminary, the interest highlights a potential shift in Poland’s retail banking market.

Both Citigroup and Cerberus declined to comment on the matter. AnaCap partner James Culverhouse also refrained from commenting on what he described as market speculation.

Citi Handlowy first announced plans to divest its retail banking segment in 2021, following Citigroup’s decision to exit retail banking in 13 markets. After briefly pausing, Citi Handlowy resumed its search for a buyer in November 2023. Talks with potential investors were anticipated early this year, according to Citi Handlowy’s CEO, Elżbieta Czetwertyńska.

Established from a merger of Bank Handlowy in Warsaw and Citibank Poland, Citi Handlowy has been a key player on the Warsaw Stock Exchange since 1997. At the end of 2023, the bank held assets totaling PLN 73.39 billion.

Source: ISBnews, VeloBank and Nest Bank
Photo: Citi Handlowy