Trusted Novus Bank’s Acquisition of Kaleido Privatbank

Lenz & Staehelin advised Citadele banka and Kaleido Privatbank on this transaction.

Citadele banka entered into a binding agreement with Trusted Novus Bank Limited regarding the sale of its Swiss subsidiary Kaleido Privatbank AG. The closing of the transaction is subject to regulatory approvals and is expected in the second half of 2022.

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.

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.

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.