Citadele Bank

Citadele has agreed to sell its Swiss subsidiary

Published on

AS Citadele banka has entered into a binding agreement with Trusted Novus Bank Limited regarding the sale of its Swiss subsidiary - Kaleido Privatbank AG. Trusted Novus Bank Limited will acquire 100% of Kaleido Privatbank AG. The closing of the acquisition is expected by year end 2022, subject to regulatory approvals.

With the arrival of new management in Kaleido in 2020, the Swiss bank has refocused its strategy towards clients from the DACH region - Germany, Austria, and Switzerland. The sale of Kaleido is a further step focusing on Citadele’s core activities in the Baltics to support the local economies.

Johan Åkerblom, CEO of Citadele: “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, CEO of Kaleido: “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, CEO of Trusted Novus Bank: “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.”

About Citadele Bank

Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics.

Alongside classic banking services, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments, and finally, being the first in the Baltics to introduce opening an account with a selfie, payment rings and payments to mobile numbers.

Citadele is the second largest bank in Latvia by assets. The Citadele group is managed from Latvia. Its subsidiaries and branches operate in Latvia, Lithuania and Estonia.

About Trusted Novus Bank

Trusted Novus Bank Ltd is a Gibraltar based bank that offers a comprehensive set of banking products and services to support customers’ everyday banking needs whether it is Private Banking, Corporate or Retail. The main focus is on the sustainability, reliability and performance of the services offered.

Recent press releases

All press releases