Banque Invik renamed Catella Bank
Swedish financial group Catella is to stop the sale of its Banque Invik business, and instead rename it Catella Bank as part of a restructuring that brings asset management operations into the bank.
Catella Bank will continue to develop its card and lending operations.
Johan Ericsson, managing director Catella AB, said there had been a number of potential buyers, but that there were difficulties in obtaining relevant permission from the Luxembourg industry regulator.
“At the same time, the prevailing situation on the financial markets creates new opportunities for conducting banking business, which has caused us to change our position. All factors considered, we believe that the greatest shareholder value lies in making the bank a part of Catella and developing its operations,” Ericsson said.
The integration of asset management activities into the bank will start with the wealth management subsidiary Catella Förmögenhetsförvaltning , which will be transferred and coordinated with Banque Invik’s private banking.
As a result of the decision, Catella needs to allocate SEK25m to the cost of premises in Luxembourg. Restructuring costs are estimated to be SEK10m in the group’s second quarter.
Banque Invik’s current chairman, Fredrik Sauter, will become the new managing director, while Stefan Carlsson, current board member of Catella AB, will be appointed chairman of the board.