AS “Citadele Banka” (Citadele) announces the termination of the Sale and Purchase Agreement (SPA) previously entered into with Trusted Novus Bank (TNB) in January 2022 for the contemplated sale of all shares in Kaleido Privatbank AG (Kaleido), a wholly-owned subsidiary of Citadele.

Since the signing of the SPA in January 2022, TNB and Citadele have been working on completing all conditions to closing, including regulatory approval of the transaction. Due to unforeseen circumstances beyond the control of Citadele, both parties have agreed that the satisfaction of the conditions to closing cannot be achieved and that the SPA shall be terminated in accordance with the terms thereof.

Kaleido remains fully focused on its growth expansion and to further support the continued realization of Kaleido’s growth and strategic ambition, Citadele has injected CHF 5 million of additional capital in Kaleido in February 2023.

The termination of the SPA will have no implication on the business of Kaleido including its clients, partners and employees. Kaleido continues to operate under its current strategy.  

About Citadele

Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics. In 2022, Citadele issued €1.2 billion in new loans in the Baltics, with its total loan portfolio reaching €3.0 billion, while total deposits reached €4.0 billion by the end of the year. Alongside universal banking services, 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. The Citadele group is headquartered in Latvia. Its subsidiaries and branches operate in Latvia, Lithuania and Estonia.

About Kaleido

Kaleido is a wholly-owned subsidiary of Citadele which 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 located in Zurich, Switzerland.

         Ilona Frīdmane
         Head of Investor Relations & ESG
         Phone: +371 29483327
         E-mail: Investor.Relations@citadele.lv