Citi to Sell Polish Consumer Banking Business Amid ‘Strategic Refresh'

Group 1 - Citi Handlowy, a Polish banking business majority-owned by Citigroup, plans to sell its consumer banking business to VeloBank S.A., with the transaction expected to close by mid-2026, subject to customary conditions [1] - The deal excludes Citi Handlowy's institutional businesses, which will continue to be invested in and grown [2] - This transaction allows Citi to allocate more resources to its institutionally focused businesses, enhancing connections between Polish corporations and its global network [3] Group 2 - Citi's last significant remaining international consumer operation is Grupo Financiero Banamex in Mexico, with ongoing plans for a proposed initial public offering for that business [3] - In May 2023, Citi decided to take Banamex public after exiting the consumer banking market in Mexico in 2022, aiming to maximize shareholder value and simplify the firm [4] - In January 2022, Citi announced a strategic shift away from global retail banking, closing its Mexican retail banking arm and selling consumer banks in several Southeast Asian countries while retaining its institutional businesses [5]