Stockholm-based financial group Catella has decided to offload its wealth management operations in Luxembourg. The buyer is the Liechtenstein bank VP bank, which is paying EUR 10.60 milliion for the unit.
“VP Bank has the ambition and capacity to further develop the private banking offerings to Catella’s wealth management customers in Luxembourg. Catella and VP Bank will also enter a distribution partnership to develop and provide products for Nordic and European markets," says Knut Pedersen, CEO of Catella Group. He continues:
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