Citadele has agreed to sell its Swiss subsidiary

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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 comments: “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 comments: “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 comments: “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.”

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