The Board of Directors of Catella AB (publ) has decided today to wind down operations in Catella Bank with the ambition to return the banking license to the supervisory authority during the first half of 2021.
Catella has previously announced that it expects a net result from divestments and costs related to the wind down, which protects value in the form of equity of SEK 437 million. Sales revenue has been in line with the values that were projected, while costs are higher, partly due to the fact that the wind down took longer than expected. Approximately SEK 350 million in values related to the wind down of the bank is expected to benefit Catella when the process is completed. Costs for wind down of approximately SEK 80 million will be reserved in Q2 2020.
The banking operations is expected to be completed during the first half of 2021 when a request of revoking the bank license will be submitted to the supervisory authority CSSF. Catella will then exit from the consolidated situation, which has resulted in extensive regulatory framework and an inefficient capital structure for the entire Group.
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