AS “Citadele banka” (Citadele) has entered into a binding agreement with a regulated French bank for the sale of 100% of its Swiss subsidiary, Kaleido Privatbank AG.
With the arrival of new management at Kaleido in 2020, the Swiss bank has refocused its strategy on clients from the DACH region - Germany, Austria, and Switzerland. The sale of Kaleido is further step in Citadele's strategy to concentrate on its core activities in the Baltics and support local economies.
Rūta Ežerskiene, CEO and Chair of the Management Board of Citadele comments: The decision to sell our Swiss operations is a strategic move that aligns with Citadele’s long-term vision of becoming the leading financial services provider in the Baltic region. This transaction will enable us to concentrate our resources and efforts on our core markets, enhancing our ability to deliver exceptional value to our clients and stakeholders. The new owners are determined to bring expertise and dedication, which will support Kaleido’s strategic objectives and drive its future growth.”
About Citadele
Citadele’s, rated Baa1 (stable) by Moody’s, mission is to modernise the financial industry and offer more opportunities to private individuals and businesses throughout the Baltics. In 2024, Citadele issued EUR 1.3 billion in new loans, with its total loan portfolio reaching EUR 3.3 billion, while total deposits reached EUR 4.0 billion. Alongside a modern universal banking platform, Citadele offers its clients a range of services based on next-generation financial technology, including its modern app, contactless payments and instant payments. Citadele was the first in the Baltics to introduce account opening with a selfie, payment rings and payments to mobile numbers. Citadele Bank is the Group’s parent company in Latvia, and its subsidiaries and branches operate in Latvia, Lithuania and Estonia.
About Kaleido
Kaleido provides banking, asset structuring, financial & lending, and investment services. Kaleido is focusing on private and institutional clients from the DACH region (Germany, Austria and Switzerland). With its state-of-the-art technology Kaleido designs innovative solutions that are individually tailored to the needs of the clients by combining services, networks and expertise. Kaleido’s headquarters are in Zurich, Switzerland.
Ilona Frīdmane
Head of Investor Relations and ESG
Phone: +371 29483327
Email: investor.relations@citadele.lv