Trusted Novus Bank, formerly Jyske Bank (Gibraltar), is acquiring Zurich-based Kaleido Privatbank for an undisclosed sum.
The Swiss bank’s parent company, Latvia-based Citadele Banka, said the move is in line with its plans to focus core activities in the Baltics, whereas Kaleido will look to grow in the Dach region.
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.
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.