The Luxembourg private banking activities of Catella Bank S.A. will operate under the name of the VP Bank (Luxembourg) SA with immediate effect. This transaction in the form of an asset deal was successfully completed as planned at the start of February.

The integration of the Luxembourg activities of the Catella Bank into the VP Bank Group includes the eleven employees of the private bank working in Capellen, Luxembourg, the VP Bank reported in a press release. This transaction also involves the migration of client assets worth 860 million Swiss francs to the international Liechtenstein private bank. The private banking business of Catella Bank S.A. in Sweden is excluded from the acquisition. The purchase price agreed by the partners for the Luxembourg banking activities amounted to 10.4 million francs.

“We extend a warm welcome to our acquired clients and employees in VP Bank Group,” commented Christoph Mauchle, Head of Client Business of VP Bank Group and member of the Group Executive Management, in the press release. “The closing of the transaction with Catella Bank S.A. strengthens our growth efforts in the Scandinavian market.”

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