Citadele’s subsidiary in Switzerland to be acquired by Gibraltar’s Trusted Novus Bank
Riga, January 21, LETA. Kaleido Privatbank, a subsidiary of Citadele Bank in Switzerland, will be acquired by Trusted Novus Bank Limited in Gibraltar, Citadele Bank told LETA.
The bank was informed that an agreement has been signed with Trusted Novus Bank Limited for the sale of Kaleido Privatbank, a subsidiary of Citadele Bank in Switzerland. Trusted Novus Bank Limited will acquire 100% of Kaleido Privatbank shares.
The transaction is expected to be completed by the end of 2022 after receiving regulatory approvals.
Juhan Okerblum, Chairman of the Board of Citadele Bank, notes that the sale of the Swiss subsidiary is in line with Citadele Bank’s long-term ambition to become the leading financial services provider in the Baltics.
“The new owners have a strong commitment and competence to continue to support Kaleido Privatbank’s new strategy and enable them to realize their growth potential,” he said.
The bank notes that in 2020, Kaleido Privatbank refocused its strategy on customers from the DACH region – Germany, Austria and Switzerland.
According to information published by Citadele Bank, on April 1, 2021, the Swiss AP Anlage & Privatbank changed its name to Kaleido Privatbank. The bank is headquartered in Zurich, Switzerland.
At the end of 2020, Kaleido Privatbank had assets of CHF 207.838 million (EUR 192.4 million), according to the bank’s published annual report.
Citadele Bank is the second largest bank in Latvia in terms of assets. The bank’s shareholders are RA Citadele Holdings LLC, a subsidiary of the US investment company Ripplewood, and a group of international investors (75% plus one share), as well as the European Bank for Reconstruction and Development (25% minus one share). The bank’s bonds are listed on the Nasdaq Riga Debt Securities List.
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