Cerberus, EBRD and IFC completed the acquisition of VeloBank from Bankowy Fundusz Gwarancyjny for PLN1.1bn.

Cerberus, an American global alternative investment firm, EBRD, an international financial institution, and IFC, a member of the World Bank Group, completed the acquisition of VeloBank, a universal bank, from Bankowy Fundusz Gwarancyjny, the Polish bank guarantee fund, for PLN1.1bn. "We are very excited to invest into VeloBank and support its participation in the dynamic Polish banking market. We are incredibly proud of the bank and its talented employees, especially their drive for digital innovation and customer-centric financial products. We believe that VeloBank is well positioned to build on its successes and become a leading bank for the Polish retail and business communities," Charles Dunlap, Cerberus Senior Managing Director.