VP Bank (Luxembourg) has finalised the takeover of the Luxembourg private banking operations of Catella Bank.

The transaction, first announced last October, is valued at around CHF10.4m. Catella Bank decided to offload the business after a strategic review.

The deal involves the transfer of client assets worth CHF860m to Catella Bank.

A total of 11 VP Bank employees join Catella Bank as part of the deal.

While announcing the acquisition, Catella Bank said that it will retain its client relationships in the region.

Moreover, the two parties agreed to sign a distribution partnership in the fund and real estate sector.

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The transaction excludes Catella Bank’s Swedish private banking business.

Meanwhile, Söderberg & Partners agreed to buy a 51% stake in Catella Bank’s Swedish wealth management business in December 2018.

VP Bank Group head of client business and member of the group executive management Christoph Mauchle said: “We extend a warm welcome to our acquired clients and employees in VP Bank Group.

“The closing of the transaction with Catella Bank S.A. strengthens our growth efforts in the Scandinavian market.”

VP Bank offers asset management and investment consultancy services through offices in Vaduz that serves as its base, alongside Zurich, Luxembourg, Singapore, Hong Kong and British Virgin Islands. The business employs 933 people.