Kaleido Privatbank owned by Citadele Bank in Switzerland has been bought by Gibraltar-based Trusted Novus Bank Limited, as confirmed by Citadele Bank’s representatives.
The bank reports having signed a contract with Trusted Novus Bank Limited on the sale of Kaleido Privatbank in Switzerland. Trusted Novus Bank Limited has thereby purchased 100% of Kaleido Privatbank shares.
The deal is set to conclude before the end of 2022, once permission has been received from the regulator.
Citadele Bank Chairman of the Board Johan Akerblom says the sale of the Swiss subsidiary is in line with the bank’s long-term ambition to becoming the leading financial services provider in Baltic States.
«The new owner has serious commitment and competence to continue supporting Kaleido Privatbank’s strategy and allowing them to reach their potential,» he says.
The bank notes that in 2020 Kaleido Privatbank switched its strategy towards customers from DACH region – Germany, Austria and Switzerland.
Information published by Citadele Bank indicates on 1 April 2021 Switzerland’s AP Anlage & Privatbank changed its name to Kaleido Privatbank. The bank’s central office is located in Zurich, Switzerland.
At the end of 2020 Kaleido Privatbank assets were worth EUR 192.4 million, according to the bank’s published annual account.
Asset-wise Citadele Bank is the second largest bank in Latvia. Bank’s shareholders include US investment company Ripplewood subsidiary RA Citadele Holdings LLC and international group of investors (75% plus one share), as well as European Reconstruction and Development Bank (25% minus one share).
Citadele Bank’s owned bank in Switzerland bought by Trusted Novus Bank
