Fideuram Bank Luxembourg, a subsidiary of Fideuram – Intesa Sanpaolo Private Banking, has agreed to acquire Compagnie de Banque Privée (CBP) Quilvest.
Owned by Quilvest Wealth Management, CBP Quilvest is a Luxembourg-based private bank that has branches in Belgium. It offers private banking and custody services to private and institutional clients.
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CBP Quilvest, which launched in 2007, currently has €7bn in assets under management and employs approximately 150 people.
Fideuram expects the acquisition to bolster its private banking business internationally. CBP Quilvest has European as well as non-European high-net-worth individual (HNWI) clients.
The deal will establish a new hub in the European Union. This is in addition to Reyl & Cie in Switzerland and will serve global and European clients.
Furthermore, the new hub will enable the development of international private banking activities in emerging areas, particularly Luxembourg and Belgium.
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By GlobalDataFideuram’s footprint in Italy and overall financial strength can provide growth catalysts for CBP Quilvest.
Fideuram – Intesa Sanpaolo Private Banking CEO Tommaso Corcos said: “The Compagnie de Banque Privée Quilvest acquisition represents a unique opportunity for growth in a key context for private banking in Europe and confirms the strategy already launched last year, with the partnership with Reyl.
“CBPQ’s entrepreneurial mindset and Fideuram Bank Luxembourg’s skills – which in the last two years has evolved from custodian bank to international private banking business – will allow us to increase the offer of high value-added services for the most sophisticated customers outside Italy.”
CBP Quilvest CEO Marc Hoffmann said: “The strengths and resources of Fideuram – ISPB, combined with CBPQ’s agility will create new opportunities beneficial to all stakeholders.”
The acquisition is subject to customary regulatory approvals and is anticipated to close by the first half of next year.
Following the closing, CBP will become part of Fideuram Bank Luxembourg to boost support to Italian and international HNWI clients.
