Italian lender Banca Generali has made a binding offer to purchase 90.1% of Swiss wealth management firm Valuer Fiduciaria.
The transaction, whose financial terms were not disclosed, is subject to customary closing conditions.
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“The deal reflects Banca Generali’s goal of growing on markets favourable to the private advisory industry, such as Switzerland, which benefits from the changed market and regulatory scenario,” Banca Generali said in a statement.
Valeur Fiduciaria, based in Lugano, was set up in 2009. The business oversaw CHF1.32bn in assets at the end of June 2018.
The international expansion forms part of Banca Generali’s growth plan for the 2019-2021 period.
As part of this plan, the bank also intends to expand its service offering for protecting financial and non-financial wealth and promote digital innovation.
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By GlobalDataBanca Generali CEO and general manager Gian Maria Mossa said: “We have confidence in the validity of our business model, which are focussed on the role of the private banker and is aiming at protecting and growing wealth through our improved line-up of investment solutions and new wealth management services.
“The launch of our international expansion and our focus on technology are strengthening our leadership and opportunities in the sector.”
Earlier this year, Banca Generali announced the acquisition of NEXTAM Partners, an Italian wealth and asset management firm.
