Bank Handlowy
| Company type | Public company |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1870 |
| Founder | Leopold Stanisław Kronenberg |
| Fate | Merged with Citibank (Poland) SA in 2001; renamed Citibank Handlowy in 2003 and Citi Handlowy in 2007 |
| Successor | Citi Handlowy |
| Headquarters | Warsaw , Poland |
Area served | Poland |
Key people | Elżbieta Światopełk-Czetwertyńska (CEO, 2021–present) |
| Products | Banking services, Financial services |
| Owner | Citibank NA (75% ownership stake since 2007) |
| Parent | Citigroup |
| Website | www |
Bank Handlowy w Warszawie S.A. (BHW), which was renamed Citibank Handlowy in 2003 and later Citi Handlowy in 2007, is a financial institution based in Warsaw, Poland. It stands as the tenth largest bank in Poland by total assets and ranks eighteenth in terms of branch network size.
Established in 1870 by the financier Leopold Stanisław Kronenberg, Bank Handlowy played a pivotal role in facilitating international commerce and acted as the custodian of the Second Polish Republic government's stakes in enterprises such as the Danzig Shipyard. After its reestablishment following World War II in 1945, it remained one of the few banks that did not undergo full nationalization during the communist regime. In the early 1990s, the bank became entangled in the Foreign Debt Service Fund scandal, which adversely affected Poland’s economy. The institution was privatized in 1997.
Entering the new millennium, Bank Handlowy merged with Citibank (Poland) SA in 2001. By 2007, Citibank had acquired a 75% ownership stake. The bank has been publicly traded on the Warsaw Stock Exchange since 1997 and is included in the WIG20 stock index. Its headquarters are situated within the historic Jabłonowski Palace.
History
Bank Handlowy was founded in 1870 by a group of financiers including Leopold Stanisław Kronenberg, with Jozef Zamoyski serving as its inaugural president. The bank expanded rapidly, establishing branches and offices by 1872 across key cities such as St Petersburg, Moscow, Berlin, and Gdańsk. Subsequently, it extended its presence to cities including Sosnowiec, Częstochowa, and Kalisz. By the early twentieth century, it had become the largest private banking institution within Polish territories, boasting a turnover exceeding two billion rubles—surpassing even the budget of the Russian Empire.
The bank played an instrumental role in developing Poland’s railway infrastructure and industrial sector. During the interwar years, it managed Polish government assets abroad and continued operations through both world wars, although its activities were constrained under Nazi occupation.
Following World War II, Bank Handlowy operated as a private industrial and commercial entity under state supervision but avoided complete nationalization. Alongside Pekao SA, it remained a joint-stock company throughout the communist period.
After 1945, it functioned as Poland’s primary foreign correspondent bank and secured exclusive rights over foreign trade transactions beginning in 1964. It built an extensive international network of correspondents with branches across Europe and the United States. Following political changes in 1989, the bank gradually transitioned toward commercial banking with an expanded domestic branch system.
During Poland’s political transformation, Bank Handlowy’s Luxembourg branch became involved in the Foreign Debt Service Fund (FOZZ) scandal, which entailed dubious foreign exchange dealings that resulted in estimated losses ranging from $5 to $10 billion for the Polish economy. Audits uncovered significant irregularities during this timeframe.
The bank’s privatization in 1997 marked a decisive move toward market-oriented operations.
The current bank
In 2001, Bank Handlowy merged with Citibank (Poland) SA. Since August 2007, Citibank, NA has been the majority shareholder, controlling 75% of shares and voting rights.
The bank has maintained its listing on the Warsaw Stock Exchange since June 1997 and forms part of the WIG20 index.
In 2021, Elżbieta Światopełk-Czetwertyńska was appointed as CEO, taking over from Sławomira Sikory who led from 2003 until 2021.
List of Directors
- 1870–1871 – Józef Zamoyski
- 1872–1878 – Leopold Stanisław Kronenberg
- 1878–1880 – Juliusz Wertheim
- 1881–1887 – Stanisław Leopold Kronenberg
- 1888–1926 – Leopold Julian Kronenberg
- 1927–1931 – Stanisław Sebastian Lubomirski
- 1932–1939 – August Zaleski
- 1939–1944 – Józef Żychliński
- 1945–1946 – Stanisław Wachowiak
- 1947–1948 – Jerzy Jurkiewicz
- 1949–1951 – Zygmunt Karpiński
- 1951–1956 – Jakub Prawin
- 1956–1966 – Michał Rola-Żymierski
- 1967–1968 – Stanisław Majewski
- 1968–1973 – Henryk Kisiel
- 1974–1977 – Witold Bień
- 1978–1980 – Marian Krzak
- 1981–1986 – Witold Bień
- 1986–1988 – Andrzej Dorosz
- 1989–1990 – Janusz Sawicki
- 1991–1996 – Andrzej Olechowski
- 1996–1998 – Grzegorz Wójtowicz
- 1998–2000 – Andrzej Olechowski
- 2000–2012 – Stanisław Sołtysiński
- 2012–2021 – Andrzej Olechowski
Literature
- Zbigniew Landau, Jerzy Tomaszewski: Bank Handlowy w Warszawie S.A. Zarys dziejów 1870–1995, MUZA S.A. Warszawa 1995 (in Polish)
