2019-02-25 13:00 CET | Catella Group | Press release, Regulatory
On December 12, 2018, Catella Bank S.A., a wholly owned subsidiary of Catella AB (publ), announced that it had entered into an agreement to divest 51% of its Wealth Management operations in Sweden to Söderberg & Partners and thereby form a joint-venture in which Catella remains with a 49% ownership. The transaction is now completed and the final consideration amounts to, as previously communicated, SEK 36 million.
The balance sheet total of Catella Group will decrease by approximately SEK 850 Million in connection with the transaction as both assets and liabilities will be transferred. Catella will consolidate its 49% share of the joint venture as an associated company in accordance with the equity method.
The divestment of the Wealth Management operations in Sweden 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.
For more information, please contact:
Niklas Bommelin
Investor Relations
+46 8 463 34 26, +46 768 91 12 40
niklas.bommelin@catella.se
Press contact:
Jonas Burvall
Head of Group Communications
+46 8 463 33 05, +46 766 27 97 55
jonas.burvall@catella.se
About Catella: Catella is a leading specialist in property investments and fund management, with operations in 15 countries. The group has assets under management of approximately SEK 190 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more online at catella.com.