Catella Bank, a wholly owned subsidiary of Catella AB has completed the sale of its Wealth Management operations in Luxembourg to VP Bank (Luxembourg) for SEK95 million.
The final price was dependent on certain conditions related to assets under management on the transaction date, and is lower than the SEK110 million originally communicated. The difference is mainly due to the fact that the assets under management decreased due to weak market development.
The divestment of the Wealth Management operations in Luxembourg is a result of the now completed strategic review of Catella’s banking operations. The purpose of the strategic review was to exit the consolidated situation due to the extensive regulatory framework and inefficient capital structure it entails.