Franco-German independent financial group ODDO BHF is in advanced negotiations to buy Paris-based Quilvest Banque Privee, which manages around $2.3bn) in assets, the companies said in a statement on 18 November.
The takeover talks for Quilvest Banque Privee come as the private banking sector's smaller players seek mergers or acquisitions to compete with their bigger rivals.
Since 2011, Quilvest Banque Privée has belonged to the Quilvest Wealth Management group, an independent group, which has several private banks in Paris, Zurich, Luxembourg and offices in Brussels, Ghent, Montevideo and Santiago de Chile.
This merger is a response to Quilvest Banque Privee's desire to join forces with a family-owned financial group that represents one of the most successful companies on the Paris stock exchange."
"This merger is a response to Quilvest Banque Privee's desire to join forces with a family-owned financial group that represents one of the most successful companies on the Paris stock exchange and embodies a rare dynamism in the European landscape," said Quilvest Banque Privee president Eric Libault.
ODDO BHF has $58.4bn of assets under management across three main markets of France Germany and Switzerland, and in excess of 300 employees.
According to a recent report in Les Echos, the manager of the ODDO BHF group Grégoire Charbit said: "We plan to continue our external development in the three markets where we are present. The agility and specific management model of Quilvest will allow us to make it a platform to integrate other private banks or management companies with a similar model, while allowing it to develop thanks to the products and services of Oddo BHF."