- The European Central Bank (ECB) and FINMA approve the strategic partnership between Fideuram - Intesa Sanpaolo Private Banking and REYL & Cie
- As part of the transaction, Fideuram - ISPB will merge its Swiss banking subsidiary Intesa Sanpaolo Private Bank (Suisse) Morval into REYL & Cie, further enhancing its leading position in the Swiss banking market.
- The resulting Geneva-based entity will retain the REYL & Cie legal name and count close to 400 employees, AUM approaching CHF 25 Bln (EUR 23 Bln) and regulatory shareholders' equity of about CHF 210 Mln (EUR 190 Mln)
- The parties will release a new logo combining their respective brands
The European and Swiss financial regulatory bodies, ECB and FINMA, have approved the strategic partnership between Fideuram - IntesaSanpaolo Private Banking (Fideuram - ISPB), the private banking division of the Intesa Sanpaolo Group,and REYL & Cie, a diversified andentrepreneurial banking group headquartered in Geneva.Fideuram - ISPB contributes to REYL & Cie its Swiss banking subsidiary Intesa SanpaoloPrivate Bank (Suisse) Morval (ISPBM).The legal merger of REYL & Cie and ISPBM is expected to be finalized by year-end. The parties willrelease a new logo combining their respective brands.
The partnership enables Fideuram - ISPB to strengthen significantly its international wealth management activities and to continue playing aleading role in the ongoing consolidation of the Swiss financial sector. It confirms its choice of Switzerland as the main hub for itsinternational private banking activities.
Following the closing of the transaction, REYL & Cie will retain its Geneva headquarters and grow into a sizeable international bankinggroup with close to 400 employees, AUM approaching CHF 25 Bln (EUR 23 Bln) and regulatory shareholders' equity of about CHF 210 Mln (EUR 190Mln).
With its entrepreneurial DNA and innovative business model, REYL & Cie will continue driving its successful 360? organic growth strategy,centred on delivering innovative solutions to clients transversally across five business lines: Wealth Management, Entrepreneur & FamilyOffice Services, Corporate Advisory & Structuring, Asset Services and Asset Management. Recent initiatives such as Asteria InvestmentManagers and Obviam (Swiss regulated asset managers dedicated to impact investing), or Alpian (a recently incubated aspiring digital bankfor mass affluent clients) will benefit greatly from the strategic partnership.
Fideuram - ISPB will control 69% of REYL & Cie's capital, while partners Francois Reyl, Pasha Bakhtiar, Nicolas Duchene, Thomas Fontaine,Christian Fringhian and Lorenzo Rocco di Torrepadula willcollectively retain a 31% stake. The partners remain committed over the long-termand will be responsible for day-to-day management and strategy implementation.
"The deal with REYL - comments Tommaso Corcos, CEO of Fideuram - Intesa Sanpaolo Private Banking - reaffirms our international growthstrategy by consolidating one of the best Private Banks in the Eurozone and by having Switzerland as the base of our network abroad. Thecombination of skills, experience, innovation capabilities and a common culture of customer service, constitutes the cornerstones on whichto build a new leading international bank, serving our most demanding clients. To accelerate business synergies between the companies,Nicolas Duchene, deputy CEO and Partner of REYL, will also take the role of General Manager of Intesa Sanpaolo Private Bank Suisse Morval,on an interim basis, until the companies' legal merger."
"The closing of the transaction - says Francois Reyl, CEO of REYL & Cie - marks a new chapter in REYL's corporate history that will open arealm of new development possibilities for both parties. We are convinced that Fideuram - Intesa Sanpaolo Private Banking's quality andfinancial power associated with REYL's entrepreneurial spirit and innovation capability will create the perfect conditions to achievesuccess in the current environment. We look forward to forming lasting bonds with our new colleagues and working as one team, buildingtogether a leading international private banking group and reinforcing our value proposition for the benefit of our clients."
About Fideuram - ISPB and ISPBM
Headquartered in Milan, Fideuram - Intesa Sanpaolo Private Banking is the no.1 Italian domestic private banking player and a key affiliateof Intesa Sanpaolo Group, consolidating all of Group's private banking activities. As at 31 March 2021, Fideuram - ISPB had 3,107 employees,5,743 private bankers, AUM of CHF 292.4 Bln (EUR 264,1 Bln) and Net Inflows of over CHF 1.9 Bln (EUR 1.7 Bln) entrusted by more than 800,000clients.
ISPBM traces its foundation back to 1974, by the Zanon Valgiurata family, headquartered in Geneva with offices in Lugano, London, Monaco,Bahrain, the Cayman Islands, Buenos Aires and Montevideo; ISPBM was incorporated into Fideuram in 2018. As at 31 March 2021, ISPBM managedassets of approximately CHF 5.7 Bln (EUR 5.1 Bln) and employed 172 professionals.
About REYL
Founded in 1973 by Dominique Reyl, the REYL Group is a diversified and entrepreneurial banking group with offices in Switzerland (Geneva,Zurich, Lugano), Europe (London, Luxembourg, Malta) and the rest of the world (Singapore, Dubai). As at 31 December 2020, REYL managesassets in excess of CHF 15.5 billion (EUR 14 Bln) and employs more than 245 professionals. Developing an innovative approach to banking,REYL serves a clientele of international entrepreneurs, family offices and institutional investors through its Wealth Management,Entrepreneur & Family Office Services, Corporate Advisory & Structuring, Asset Services and Asset Management business lines.
Media contacts:
Fideuram - Intesa Sanpaolo Private Banking
Pierantonio Arrighi
Head of Media Relations Wealth Management
Tel: (+39) 02 87963119
pierantonio.arrighi@intesasanpaolo.com
REYL
Jerome Koechlin
Head of Communications
Tel: (+41) 22 816-8177jkoechlin@reyl.com
Logo: https://mma.prnewswire.com/media/1307210/REYL_Logo.jpg
Logo: https://mma.prnewswire.com/media/1307207/Fideuram_Logo.jpg
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