The private banking division of the Intesa Sanpaolo Group (Fideuram ISP PB) and REYL have entered into a long-term strategic partnership. Fideuram – ISP PB will acquire a 69% stake in the capital of REYL and will contribute to REYL its entire Swiss banking subsidiary, Intesa Sanpaolo Private Bank (Suisse) Morval.
Subject to regulatory authorization, the transaction will close during the first half of 2021. Following the transaction, the combined bank will be a major international private bank, counting nearly 400 employees, assets under management in excess of CHF 18 billion and regulatory capital of approximately CHF 250 million. The combined bank, which will remain headquartered in Geneva, will have presences across the European Union, Latin America, the Middle East and Asia.