📋 Tender Overview
Project Number: 49175
Company Name: VeloBank S.A
Date SPI Disclosed: Mar 29, 2024
Country: Poland
Region: Europe
Projected Board Date: Apr 30, 2024
Environmental Category: FI-2
Status: Pending Approval
Department: Regional Industry FIG LAC & EUR
Industry: Financial Institutions
Sector: Commercial Banking - General
Project Description
The proposed project is an equity investment of up to US$35 million in VeloBank S.A. (VeloBank or Bank) for an ownership stake of up to 9.9 percent. VeloBank is the bridge bank resulting from the resolution of Getin Noble Bank S.A. (GNB) in September 2022 and currently stands as the 9th largest bank in the country. An affiliate of Cerberus Capital Management L.P. (Cerberus) has signed an agreement with the Bank Guarantee Fund (BFG), Poland’s Resolution Authority, to purchase 100 percent of the shares of VeloBank and to recapitalize the Bank to meet regulatory requirements. The transaction's completion, subject to obtaining the necessary approvals, is expected to occur in mid-2024. IFC would participate in the equity transaction alongside Cerberus.
Financing Sources:
2) World Bank (WB)
1818 H Street, NW Washington,
DC 20433 USA
Tel : (202) 473-1000
https://www.worldbank.org/
