Banque Richelieu Group completed the acquisition of Kaleido Privatbank from Citadele Banka.

Banque Richelieu Group, a commercial bank that offers private banking and asset management services, completed the acquisition of Kaleido Privatbank, a Swiss private bank that offers a range of wealth management products and services, from Citadele Banka, a commercial bank that offers a wide range of financial products and services. Financial terms were not disclosed. "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,” Rūta Ežerskiene, Citadele CEO and Chair of the Management Board.