Velobank will change ownership. There is a preliminary agreement with Cerberus Capital Management

The total investment amount of PLN 1,075 million consists of PLN 375 million of the share purchase price and PLN 700 million of recapitalization to meet the bank's regulatory capital requirements.

As stated, the completion of the transaction is dependent on Cerberus obtaining all necessary regulatory approvals, including: from the European Commission and the Polish Financial Supervision Authority, and is expected in mid-2024.

“Poland is a strong, dynamic market. Thanks to its strengthening and modernization, VeloBank is well prepared to develop as a key player in Polish banking. We will support a bank that, thanks to advanced digital solutions and a comprehensive product offer, responds to customer needs,” he said, quoted in the release. Charles Dunlap, senior managing director at Cerberus.

According to the plan and commitments to the European Commission, the sale of the bank was to take place no later than the end of March.

VeloBank was established as a result of the forced restructuring of Getin Noble Bank.

At the end of September 2022, the Bank Guarantee Fund started the compulsory restructuring of Getin Noble Bank. On October 3, its operations were transferred to BFG Bank, which, apart from BFG, is also owned by the Commercial Bank Protection System (SOBK), established by the eight largest commercial banks operating in Poland. SOBK acquired 49 percent. shares created by the Bank BFG SA fund, and the remaining 51 percent he had the BFG.

The following were transferred to VeloBank: all deposits of Getin Noble Bank customers, as well as loans in PLN, but mortgage loans denominated or indexed to foreign currencies were excluded from the transfer.