Cerberus Capital Management, L.P. – American fund – will be the fresh owner of VeloBank, the ninth largest bank in Poland.
This information was provided by the Bank warrant Fund (BFG), which reported that a subsidiary of Cerberus had signed an first agreement to get 100% of shares in VeloBank SA.
The amount of the investment offered by Cerberus is PLN 1075 million, of which PLN 375 million is the acquisition price of the shares and PLN 700 million will be additionally invested to meet the bank's regulatory capital requirements.
Lega artis AppVeloBank's sales process was launched by the Bank warrant Fund in 2023. The fresh owner was to be selected by the end of March, which succeeded. VeloBank was created as a consequence of the forced restructuring of Getin Noble Bank, owned by Leszek Czarnecki, which cost over PLN 10 billion.
As a result, the majority stake (51%) VeloBank went to BFG, which began searching for a fresh investor. The remaining shares (49%) belong to the Commercial Bank Protection System, which was created by the 8 largest national banks.
The restructuring process is supervised by the European Commission, which has previously agreed to it.
The transaction is expected to be completed in mid-2024, but the full is subject to Cerberus obtaining all the regulatory approvals required, including the European Commission and the Financial Supervision Commission. At the end of the process, VeloBank will cease to function as a temporary institution and will no longer be subject to restrictions imposed by the EC.
VeloBank's plans for this year include the introduction of a mortgage offer worth PLN 1 billion, the granting of consumer loans worth PLN 2 billion and corporate loans worth PLN 2 billion.
Cerberus Capital Management, founded in 1992, is 1 of the world's leading players in the field of alternate investments, with assets worth about $65 billion. He has extended experience in investing in financial institutions around the world, including Europe, where he has invested among others in CCF and My Money Bank in France, Hamburg Commercial Bank in Germany and BAWAG in Austria.
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Daniel Głogowski
Publicist, author and social activist. The first articles were published in 1999 for global publishers. For more than 30 years, he has gained his experience through cooperation with the largest editorial offices. In his articles, he sought to address controversial themes and present first viewpoints that allowed for a deeper knowing of the issues discussed. Over the years, he gained a reputation as a reliable journalist. Contact: [email protected]
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