The ECB and FINMA have both approved the strategic partnership between Fideuram – Intesa Sanpaolo Private Banking (Fideuram – ISPB) and REYL & Cie.
REYL & Cie will gain the Swiss banking subsidiary Intesa Sanpaolo Private Bank (Suisse) Morval (ISPBM). The merger is expected to complete by the end of the year. It will also get a new logo combining the brands.
In addition, the partnership allows Fideuram – ISPB to strengthen its international wealth management and play a role in the consolidation of the Swiss financial services sector.
Furthermore, this turns REYL & Cie into a bigger banking group with 400 employees and AuM near CHF25bn.
“The deal with REYL – comments Tommaso Corcos, CEO of Fideuram – Intesa Sanpaolo Private Banking – reaffirms our international growth strategy by consolidating one of the best Private Banks in the Eurozone and by having Switzerland as the base of our network abroad. The combination of skills, experience, innovation capabilities and a common culture of customer service, constitutes the cornerstones on which to build a new leading international bank, serving our most demanding clients. To accelerate business synergies between the companies, Nicolas Duchêne, 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 François Reyl, CEO of REYL & Cie – marks a new chapter in REYL’s corporate history that will open a realm of new development possibilities for both parties. We are convinced that Fideuram – Intesa Sanpaolo Private Banking’s quality and financial power associated with REYL’s entrepreneurial spirit and innovation capability will create the perfect conditions to achieve success in the current environment. We look forward to forming lasting bonds with our new colleagues and working as one team, building together a leading international private banking group and reinforcing our value proposition for the benefit of our clients.”