Gibraltar's oldest lender is snapping up a small Swiss wealth manager which has spent the last 18 months revamping itself.
Trusted Novus Bank is acquiring Kaleido, a Zurich-based private bank, the two said in an emailed statement on Friday. The seller, Citadele, said in a separate statement that it is selling to focus on its core business in the Baltics.
None of the parties disclosed financial details of the transaction, which is due to close in the second half of this year pending its regulatory approval.
Switzerland As Wealth Hub
The Gibraltar-based buyer said it planned to use Kaleido as a hub. This resembles an approach taken by Intesa Sanpaolo, which bought a majority stake in Genevan wealth manager Reyl 15 months ago.
«With changing investor needs, rapidly evolving technology, and intensified regulation, TNB was seeking a high-quality private banking platform in Switzerland, to create a hub in order to grow its overall private banking franchise,» Trusted Novus said.
Support For Growth Strategy
Formerly known as AP Anlage & Privatbank, Kaleido has spent the last 18 months reinventing itself as an independent advisor to clients in Germany, Austria, Switzerland and other selected international markets.
«The future owner has a strong commitment and competence to continue supporting the new strategy of Kaleido and enable us to release the growth potential,» Kaleido CEO Rolf Bauer said.
