VP Bank Group continues to selectively acquire entities which match its current footprint. VP Bank (Luxembourg) SA will take over the private banking business of Catella Bank S.A. in Luxembourg. This transaction in the form of an asset deal involves the acquisition of about 10 employees and client assets of approximately CHF 900 million. The corresponding purchase price is about CHF 12 million.
The former private banking customers of Catella Bank S.A., 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 S.A. 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 S.A. 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", says Alfred W. Moeckli, CEO of VP Bank Group, about the successful conclusion of the negotiations.
A few weeks ago, the onboarding 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. Thanks to VP Bank Group's continued above-average equity base and an "A" rating from Standard & Poor's, VP Bank will continue to play an active role in the banks' consolidation process.
Catella is a leading specialist in property investments and advisory, fund management and banking, with operations in 14 countries. The group manages assets of approximately EUR 20 billion. Catella has about 600 employees and is listed on Nasdaq Stockholm in the Mid Cap segment. The head office is located in Stockholm, Sweden.
Founded in 1988, VP Bank (Luxembourg) SA is a wholly owned subsidiary of VP Bank Group. It is the only bank in the Grand Duchy of Luxembourg that has a Liechtenstein-based parent company. Its core competencies include asset management and investment advisory for private investors as well as institutional custody banking and brokerage services for financial intermediaries. VP Fund Solutions (Luxembourg) SA, which was founded in 1998, is VP Bank Group’s competence centre for third-party investment fund services. A total of approx. 130 employees serve the clients of VP Bank in Luxembourg.