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Gib-based Trusted Novus Bank acquires Swiss boutique private bank

Jon Nazca/REUTERS

Gibraltar-based Trusted Novus Bank is expanding its operations through the purchase of a boutique Swiss private bank.

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

Trusted Novus 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 with specific and bespoke solutions for private banking, wealth management and investment consulting services.

Christian Bjørløw, CEO of Trusted Novus Bank, said: “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, added: “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.”

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