Bank Handlowy w Warzawie SA

The timeline below represents the history of this business until it became a part of the Citigroup family.

Bank Handlowy w Warszawie SA was established in 1870. Handlowy is the oldest commercial bank in Poland and one of the oldest continuously operating ones in Europe. It also is the leading financial institution in Poland, offering the most comprehensive services for the corporate, investment and retail banking markets.

Before World War I, Bank Handlowy was the largest private bank within the Polish territory and one of few banks financially supporting trade with Russia and Western Europe.

With the merger of Bank Handlowy w Warszawie SA and Citibank (Poland) SA in 2001, Bank Handlowy's strong local presence in Poland was complemented by the global Citigroup network.

1870

Bank Handlowy w Warszawie SA is founded.

1945

After 1945, the bank becomes the main Polish correspondent bank for foreign banks.

1964

The bank is formally granted the monopoly to service Polish foreign trade transactions. This large scale of operations enables the bank to build up the largest network of correspondent banks. It opens a branch in London and representative offices in New York, Moscow, Belgrade, Rome, Berlin and Kiev, and affiliates in Vienna, Luxembourg and Frankfurt.

1989

Handlowy loses its monopoly in clearing with foreign countries, but achieves a wider freedom of operation within the full spectrum of banking services. A rapid extension of the branch network and development of new banking services areas provide quick growth in the volume of operations volume in Poland and abroad.

1997

After nearly 60 years' absence, Handlowy returns to the Warsaw Stock Exchange.

1998

It begins providing retail banking services.

2000

The management boards of Bank Handlowy w Warszawie SA and Citibank (Poland) SA sign an agreement to merge.

2001

Launches InterBiznes for small enterprises.

March 1: The merger with Citibank (Poland) SA is completed. Bank Handlowy keeps its historical name, and the consumer sector operates under the Citibank brand name. Bank Handlowy is still quoted on the Warsaw Stock Exchange.

The merger, which follows the Citibank Overseas Investment Corporation's acquisition of a majority shareholding in Bank Handlowy, takes place through the contribution of all Citibank (Poland) SA (CPSA) assets to Bank Handlowy (BH) in exchange for shares in BH issued to CPSA shareholders. CPSA shareholders receive 1,350 shares in a new issue from BH in exchange for each one of their own shares.