The Polish Financial Supervision Authority (KNF) has unanimously approved VeloBank’s acquisition of the retail division of Citi Handlowy. Obtaining this decision at the current stage signals the strong quality of the transaction’s preparation and allows both parties to continue toward closing, which is scheduled for mid-2026.
The KNF’s approval — one of the required regulatory steps — confirms that the process is proceeding according to plan for what is considered one of the most significant transactions in Poland’s financial sector in recent years. Under the agreement, VeloBank will acquire Citi Handlowy’s retail banking operations, including wealth management, brokerage services, microbusiness banking, credit cards, consumer loans, retail lending, and the branch network. This represents a transfer of key competencies and products that will significantly expand VeloBank’s scale.
“KNF’s approval confirms that the transaction we have prepared meets the highest standards. We are halfway through a process that will make Citi Handlowy’s retail operations an integral part of VeloBank. The next steps are the finalization of the purchase and operational integration, carried out with full respect for business continuity and customer comfort. The process has been planned to ensure Citi Handlowy customers a smooth and safe transition to our bank. This is natural because the institutions complement each other perfectly: professional advisory services and three decades of experience combined with advanced digital banking technologies and strong American-backed capital with global financial resources,” said Adam Marciniak, CEO of VeloBank.
The acquisition will strengthen VeloBank’s position in retail and affluent banking, significantly expanding its operational scale and growth potential — to the benefit of customers, who will gain access to a combined network of nearly 250 branches across Poland as well as advanced online and mobile banking services. The transaction covers approximately PLN 6 billion in loans, PLN 22.1 billion in deposits, and PLN 8.9 billion in assets under management. In total, VeloBank’s business volume will grow by roughly PLN 30 billion.
“Approval from the Financial Supervision Authority is an important milestone in our preparations to migrate retail banking. We are working according to schedule so that by mid-2026, once full operational readiness is reached, we can integrate the retail division with VeloBank. We are closely collaborating with VeloBank’s teams to ensure a smooth and comfortable transition for our customers to their new bank. The KNF’s decision is also a key step in Citi Handlowy’s journey toward becoming a bank focused on its strategic core business — institutional banking services,” said Elżbieta Czetwertyńska, CEO of Citi Handlowy.
