Trusted Novus Bank Limited has announced a binding agreement with AS Citadele banka regarding the sale of their Swiss subsidiary - Kaleido Privatbank AG, a bank based in Seefeld, Zurich.

A statement from Trusted Novus Bank follows below:

Trusted Novus Bank Limited will acquire 100% of Kaleido PrivatBank AG. Closing of the acquisition is expected to be completed by year end 2022, subject to regulatory approvals.

Kaleido Privatbank AG is a boutique Private Bank serving Private and institutional clients. They create specific and bespoke solutions for private banking, wealth management and investment consulting services.

Christian Bjørløw, CEO of Trusted Novus Bank comments: “With the purchase of Kaleido we get a great opportunity to enhance our services to both TNB and Kaleido clients' with a focus that “banking should be an enjoyable and out of the ordinary experience."  As part of our growth strategy, we are investing in expanding our operations. In addition, this is an extremely important and proud moment for everyone at Trusted Novus Bank, as we become the first local bank to acquire an international bank.”

Rolf Bauer, CEO of Kaleido PrivatBank AG adds: “We are extremely excited about the opportunities the new ownership will provide to our team. Most importantly, the exponential growth we expect from additional know-how and synergies.”