Citi Clients Transition to VeloBank as Major Migration Begins

VeloBank is on the verge of completing the acquisition of Citi Handlowy's retail banking operations after more than a year of preparation. This significant transaction involves approximately 500,000 individual clients, including those in the affluent segment and micro-entrepreneurs, along with wealth management, brokerage services, credit cards, and loan portfolios.

Starting June 15, Citi clients will fully transition to VeloBank. While the technical aspects of the operation present a considerable challenge, the aim is to make the customer experience as seamless as possible. This means that client data, account history, existing products, and liabilities will be transferred automatically, eliminating the need for customers to sign new agreements or initiate account transfer requests.

Crucially, account numbers, payment card details, and loan repayment account numbers will remain unchanged. VeloBank has emphasized that the terms of existing contracts, including interest rates on deposits and loans, repayment schedules, and fees, will also stay the same. It is important to note that only PLN-denominated loans are being transferred; foreign currency loans will remain with Citi Handlowy. Any clients holding identical services with both Citi and VeloBank prior to the migration will see these continue as separate products post-transition, with no alteration to their existing terms.

Customers will notice some changes, particularly during a planned migration weekend from the afternoon of Friday, June 12, to the morning of Monday, June 15. During this period, both Citi Handlowy and VeloBank will undergo a technical break, leading to limited or unavailable services, especially for online and mobile banking. However, essential services like card payments and ATM withdrawals are expected to function without interruption. Both institutions advise clients to verify their contact information and online banking login details are up-to-date before the migration weekend, as these will be necessary for verification steps.