‟We have had, and still have, several buyers for the bank at a price level we desire, but we see that – in the current financial climate – the supervisory authority in Luxembourg has difficulty in granting an acquisition permit to new owners. In addition, continuation of the sales process would be detrimental for the bank’s business. At the same time, the prevailing situation on the financial markets creates new opportunities for conducting banking business, which has caused us to change our position. All factors considered, we believe that the greatest shareholder value lies in making the bank a part of Catella and developing its operations,” says Johan Ericsson, Managing Director Catella AB.

Catella’s asset management operations will be organised within Catella Bank. In an initial step, Catella’s Swedish subsidiary Catella Förmögenhetsförvaltning will be transferred and coordinated with Banque Invik’s private banking. For Catella’s clients, this will mean access to a stronger and more competitive offering with both deposit and borrowing possibilities. At the same time, administrative coordination of the operations will be facilitated.

In addition, Catella will strengthen the bank’s card business and develop a specialised lending business in cooperation with Catella’s Corporate Finance operations. This will create possibilities, via the bank, to offer financing solutions to, e.g. Catella’s clients within transaction advisory services.

‟This is a positive development for Catella and our clients. We will be able to broaden and deepen our offering within both of our lines of business. Lending will be an important issue going forward. There is place on the loan market for a company such as Catella and we regard this as another step in the development of our financing services," says Johan Ericsson.

The restructuring will result in organisational and managerial changes. Banque Invik’s current chairman, Fredrik Sauter, will become the new managing director, while Stefan Carlsson, current board member of Catella AB, will be appointed Chairman of the Board. In connection with the restructuring, in 2012 it will be necessary to allocate provisions of approximately SEK 25 million, relating mainly to premises costs in Luxembourg. In addition, restructuring costs during the second quarter of 2012 are estimated to amount to approximately SEK 10 million.

Since no sale of Banque Invik will be carried out, the issue of a dividend linked to a sale does not arise.