Rymarz Zdort Maruta advises Bank Guarantee Fund on sale of VeloBank to US fund Cerberus

We are pleased to announce that we advised the Bank Guarantee Fund (the “BFG”) on the sale to a US fund, Cerberus Capital Management, L.P. of 100% of the shares in VeloBank. The investment amount exceeded one billion zlotys. The acquisition of the shares by Cerberus completes the resolution process of Getin Noble Bank initiated in September 2022. 

The BFG is an institution that guarantees bank deposits in Poland and provides support for financial institutions that are at risk of bankruptcy.

VeloBank is a bridge institution, the successor to Getin Noble Bank, which was subject to resolution.

Cerberus Capital Management, L.P. is one of the largest investment firms in the US.

The closing of the transaction is subject to Cerberus obtaining all of the necessary regulatory approvals, including from the European Commission and the Polish Financial Supervision Authority. This is expected to take place mid-2024.

“We are delighted to have had the opportunity, as a law firm, to support the Bank Guarantee Fund from the legal side in the most complex resolution process of its kind in the European Union” – stated Magdalena Pyzik-Waląg, a partner heading the Restructuring, Insolvency and Distressed Asset Investments practice at Rymarz Zdort Maruta. The project team comprised: Magdalena Pyzik-Waląg (partner), Paweł Mazur (senior associate), Filip Golędzinowski (associate), Szymon Marciniak (associate) and Tymoteusz Matusiak (associate).