AI assistant
Catella — M&A Activity 2019
Feb 25, 2019
3024_rns_2019-02-25_7b4e14dd-9fb8-4942-a05e-80d530619aec.pdf
M&A Activity
Open in viewerOpens in your device viewer
Catella's divestment of Wealth Management operations in Sweden completed
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: Press contact:
Niklas Bommelin Jonas Burvall Investor Relations Head of Group Communications +46 8 463 34 26, +46 768 91 12 40 +46 8 463 33 05, +46 766 27 97 55 [email protected] [email protected]