Gibraltar bank buys Swiss private bank

  • Printer friendly view
 Monday, January 24, 2022 - 09:47

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.”

MORE IN PANORAMA PRINT EDITION

24-01-22 PANORAMAdailyGIBRALTAR