03:36 PM EDT, 05/27/2025 (MT Newswires) -- Citigroup's ( C ) Citi Handlowy unit said Tuesday it has agreed to sell its consumer banking business to VeloBank.

Financial terms weren't disclosed.

VeloBank is a Polish bank owned by investment funds linked to Cerberus Capital Management, the European Bank for Reconstruction and Development, and the International Finance Corporation, the company said.

The deal, which is expected to close by mid-2026, includes the transfer of retail operations including wealth management, small business banking, credit cards, loans, deposits, and brokerage clients, it said.

Consumer banking staff and branches will also move to VeloBank to maintain service continuity, according to the lender.

Citi Handlowy will retain and continue developing its institutional banking operations in Poland, the company said.

Shares of the company were up 3.3% in recent trading.

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