Gibraltar’s Trusted Novus Bank will acquire 100% of Zurich-based Kaleido Privatbank for an undisclosed sum.
The Swiss bank’s parent company, Latvia-based Citadele Banka, said the move is in line with its plans to focus core activities in the Baltics, whereas Kaleido will look to grow in the Dach region.
The acquisition is expected to close by the end of 2022, subject to regulatory approvals.
Johan Åkerblom, chief executive of Citadele, said: “The sale of Swiss operations is consistent with Citadele’s long-term ambition to become the leading financial services provider in our region. The new owners have a strong commitment and competence to continue supporting the new strategy of Kaleido and to enable them to execute on the growth potential.”
Rolf Bauer, chief executive of Kaleido, added: “Citadele was the perfect partner in the past and was key in the transforming the bank into a wealth management boutique. Now we will enter into the next phase. The new partnership embodies a smart way of combining traditional and new business models in order to reach the next level.”
Christian Bjørløw, chief executive of Trusted Novus Bank (TNB), said: “With the purchase of Kaleido we have a great opportunity to enhance our services to both TNB and Kaleido’s clients with the focus on banking being an enjoyable and out of the ordinary experience.”
