VP Bank (Luxembourg) will take over the private banking business of Catella Bank in Luxembourg. This transaction in the form of an asset deal involves the acquisition of about 10 employees and client assets of approximately CHF900m. The corresponding purchase price is about CHF12m.
The former private banking customers of Catella Bank, which are almost exclusively European clients, will continue to be looked after by their trusted personal advisor in Luxembourg and at the same time benefit from the strengths of the international VP Bank Group. Excluded from the takeover is the private banking business of Catella Bank in Sweden. In addition, VP Bank Group will enter a distribution partnership with the Catella Group in the fund and real estate sector.
“The transaction with Catella Bank underscores our growth ambitions. Due to its international orientation, strong balance sheet and comparable ownership, VP Bank Group has ideal conditions to rapidly integrate the acquired customers and employees”, said Alfred W. Moeckli, CEO of VP Bank Group.
A few weeks ago, the on-boarding of the investment funds of the Swedish financial services group Carnegie was completed. The transaction with Catella also contributes significantly to the expansion of VP Bank’s activities in the Scandinavian market.
Completion of the transaction is scheduled for 1 February 2019 at the latest.