On October 26, 2018, Catella Bank S.A., a wholly owned subsidiary of Catella AB (publ), announced that it had entered into an asset transfer agreement to divest its Wealth Management operations in Luxembourg to VP Bank (Luxembourg) SA. The transaction is now completed and the final consideration amounts to SEK 95 million.
The consideration was dependent on certain conditions related to assets under management on the transaction date, and as the transaction is completed, the final purchase price has been set at SEK 95 million against previously communicated approximately SEK 110 million. The difference is mainly due to the fact that the assets under management decreased due to the 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.
Catella is a leading specialist in property investments, fund management and banking, with operations in 14 countries. The group has assets under management of approximately SEK 180 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more online at catella.com.