Trusted Novus Bank Limited (TNB) announces the termination of the Sale and Purchase Agreement (SPA) entered into with AS Citadele Banka (Citadele) for the contemplated sale of 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 circumstances beyond the control of TNB, 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.
Nonetheless, the Board of TNB regards growth through acquisition as an important component of our strategic focus, opening up access to markets that complement our domestic service offerings and expand our geographical presence. Therefore, we will continue to seek opportunities, giving priority to synergistic alliances with small credit institutions with longstanding private banking and wealth management traditions, preferably operating in the United Kingdom (including Gibraltar) or European Economic Area.