Clifford Chance Advised Citibank On The Sale Of Polish Consumer Banking Business To VeloBank
Clifford Chance Advised Citibank On The Sale Of Polish Consumer Banking Business To VeloBank
Clifford Chance advised Citibank Europe Plc on the sale by its Polish subsidiary, Bank Handlowy w Warszawie S.A. (Citi Handlowy), of its consumer banking business to VeloBank. Citi Handlowy is one of the largest financial institutions in Poland. The transaction, which is subject to regulatory approvals and antitrust clearance, involves a demerger of Citi Handlowy’s consumer banking operations to VeloBank. Citi Handlowy will retain and continue to operate its institutional corporate businesses in Poland.
The transaction marks a significant step in Citi’s previously announced strategic exit from consumer banking businesses across 14 markets in Asia, Europe, the Middle East, and Mexico. It also represents the first transaction to utilize the new simplified demerger regime for bank transfers in Poland.
The Clifford Chance cross-practice team was led by London-based Melissa Fogarty (partner) and James Cashier (partner), with support from Catherine Freeman (senior associate), Fergus Grady (senior associate), and Ayush Vijayvargiya (senior associate). The Warsaw-based team included Agnieszka Janicka (partner), Jarosław Lorenc (counsel), and Anna Biała (counsel). Migration and technology aspects were led by Zayed Al Jamil (partner), with assistance from Mark Comber (senior associate) and Jamie Andrew (senior associate). Violetta Kokolus (partner) advised on IP, and Nicola Hemsley (partner) and Viktoria Parkhomenko (senior associate) advised on tax matters.
The Clifford Chance team worked closely with Rymarz Zdort Maruta, which advised Bank Handlowy w Warszawie. The Rymarz Zdort Maruta team was led by Paweł Rymarz (partner) and Łukasz Gasiński (partner), supported by Diana Sofu (associate), Szymon Rutecki (associate), Kinga Duda (associate), Adam Puchalski (associate), and Weronika Papucewicz (associate).
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