Termination of Sale and Purchase Agreement (SPA) regarding the contemplated sale of Kaleido Privatbank AG to Trusted Novus Bank

Published on

AS “Citadele Banka” (Citadele) announces the termination of the Sale and Purchase Agreement (SPA) previously entered into with Trusted Novus Bank (TNB) in January 2022 for the contemplated sale of all shares in Kaleido Privatbank AG (Kaleido), a wholly-owned subsidiary of Citadele.

Since the signing of the SPA in January 2022, TNB and Citadele have been working on completing all conditions to closing, including regulatory approval of the transaction. Due to unforeseen circumstances beyond the control of Citadele, both parties have agreed that the satisfaction of the conditions to closing cannot be achieved and that the SPA shall be terminated in accordance with the terms thereof.

Kaleido remains fully focused on its growth expansion and to further support the continued realization of Kaleido’s growth and strategic ambition, Citadele has injected CHF 5 million of additional capital in Kaleido in February 2023.

The termination of the SPA will have no implication on the business of Kaleido including its clients, partners and employees. Kaleido continues to operate under its current strategy.  

Recent announcements

Show all announcements