VeloBank, created after the forced restructuring of Leszek Czarnicki's Getin Noble Bank, was sold to the American investment fund Cerberus Capital Management. The value of the deal amounted to PLN 1.075 billion.
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The sale of VeloBank was necessary due to guidelines imposed by the European Commission. The forced restructuring of Getin Noble Bank, from which VeloBank was founded, was closely supervised by EU officials. The Bank Guarantee Fund, which currently runs VeloBank, had to find a new owner.
Cerberus Capital Management's acquisition of the bank is expected to be completed in mid-2024, after obtaining the necessary regulatory approvals, including: from the European Commission and the Polish Financial Supervision Authority. With the appointment of a new owner, VeloBank will no longer be subject to restrictions imposed by the European Commission, which will give it greater freedom to develop.
Piotr Tomaszewski, Chairman of the Board of Directors of the Bank Guarantee Fund, emphasizes that the sale of VeloBank ends the most complex resolution process in the European Union. Thanks to this, Getin Noble Bank, which was at risk of bankruptcy, has turned into a healthy and modern VeloBank, which is winning a strong foreign investor.
Cerberus Capital Management is a global leader in alternative investments, founded in 1992 in the USA, with assets of approximately US$65 billion. The fund invests, among others: in credit, capital and real estate markets, and its portfolio includes European financial institutions such as CCF and My Money Bank in France, Hamburg Commercial Bank in Germany, and BAWAG in Austria.
Cerberus' Charles Dunlap emphasizes that Poland is a strong and dynamic market, and that VeloBank, thanks to modernization and advanced digital solutions, is well prepared to play the role of a major player in Polish banking. The new investor declares its support for the further development of the bank and the adaptation of its offers to customer needs.
The sale of VeloBank is an important moment for the Polish banking sector. On the one hand, it ends the complex restructuring of Getin Noble Bank, and on the other hand, it opens a new chapter for VeloBank, which with foreign capital and without the restrictions of the European Commission will be able to develop more freely and compete in the market.
Site editor-in-chief. Graduate of Journalism and Political Science from the University of Warsaw. Long-time IT journalist and reviewer of computer software and games. He loves Warsaw, books and cinema.
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