VP Bank (Luxembourg) SA completes acquisition of Private Banking of Catella Bank S.A. in Luxembourg
As of 1 February 2019, the acquisition of the Luxembourg private banking activities of Catella Bank by VP Bank (Luxembourg) SA was completed. The acquisition was announced on 26 October 2018.
This transaction in the form of an asset deal was successfully completed as planned on 1 February 2019. It included the acquisition of eleven employees and the migration of client assets of CHF 860 million. The purchase price amounted to CHF 10.4 million.
The private banking business of Catella Bank S.A. in Sweden is excluded from the acquisition.
"We extend a warm welcome to our acquired clients and employees in VP Bank Group. The closing of the transaction with Catella Bank S.A. strengthens our growth efforts in the Scandinavian market," says Christoph Mauchle, Head of Client Business of VP Bank Group and member of the Group Executive Management, pleased with the successful completion of the transaction.