The private banking arm of Intesa Sanpaolo Group, Fideuram Intesa Sanpaolo, has confirmed it is poised to take a 69% stake in Switzerland's Reyl Group.
The deal will involve the merger of Intesa Sanpaolo Private Bank (Suisse) Morval with the Swiss company.
The investment firm said yesterday the combined bank will remain in Geneva and will number 400 employees and €16.7bn in AuM.
We cannot be more pleased to have the opportunity to build together a leading new international private banking player, operating from Switzerland yet with global ambitions."
François Reyl, CEO of Reyl group, said: "Fideuram ISP-PB is the ideal partner for Reyl and we cannot be more pleased to have the opportunity to build together a leading new international private banking player, operating from Switzerland yet with global ambitions."
Tommaso Corcos, CEO of Fideuram - Intesa Sanpaolo Private Banking, added: "The strategic partnership with Reyl confirms the Intesa Sanpaolo Group's strategy, which has long been focused on building a wealth management and protection company."
"It also fits within the broader process of strengthening and repositioning of our private banking division's foreign activities, especially in Switzerland, the leading market for international activities."
"Following the acquisition of the Morval Group in 2018, this transaction allows us to focus more decisively on this growing sector, which is resilient to crises and subject to an ongoing consolidation process."
As of June this year Reyl reported €12bn in AuM, and Intesa Sanpaolo Private Bank (Suisse) posted €4.7bn in AuM at the end of last year.
The financial details of the deal have not been disclosed.
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