The Bank Guarantee Fund (BFG) has announced that it has signed an agreement to sell VeloBank shares. The buyer is Promontoria Holding, which is indirectly owned by the US fund Cerberus Capital Management, the European Bank for Reconstruction and Development, and the International Finance Corporation (part of the World Bank Group). The buyers will pay PLN 375 million for the VeloBank shares and capitalize the Polish institution with PLN 687 million.

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The sale of Velo in no way affects customers' situation or service. Funds accumulated in the transacted bank are invariably protected by the BFG on the same principles as in other banks covered by the Polish deposit guarantee scheme.

VeloBank is an institution created due to the forced restructuring of Getin Noble Bank. The process began in September 2022, when most of Getin's operations were transferred to a new entity - a so-called bridge institution, VeloBank precisely. In addition to the BFG, its owner became a company called the System Ochrony Banków Komercyjnych (System for the Protection of Commercial Banks), founded by the eight largest commercial banks operating on the Polish market.

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Over the next two years, VeloBank upgraded its IT systems and offerings and, unencumbered by the problems associated with the foreign currency loans that remained with Getin, showed good financial results. However, it was known that it would be sold, to which the owners of the institution, i.e., the BGF and the SOBK, had committed themselves to the European Commission by starting a forced restructuring process.