Banca Generali has agreed to buy the Italian affluent and upper affluent private banking operations of Credit Suisse.

As part of the deal, Banca Generali will pay around €47 to €50 million to Credit Suisse.

The agreement will include the sale of Credit Suisse Italy’s business line, inter alia – an agency contracts of about 60 financial advisors that has more than €2 billion in assets under management.

The deal is subject to approval by the Bank of Italy and satisfaction of the additional contractually established conditions.

The transaction is expected to be completed in November 2014.

The acquisition will enable Banca Generali to boost its presence in strategic areas in Italy, while Credit Suisse will be able move ahead with its global strategy of focusing its asset management business on businessmen and large families.

Additionally, the transaction will allow Banca Generali to meet the incresaing demand for qualified investment advice in Italy by increasing its network of financial staff and private bankers.

Piermario Motta, CEO of Banca Generali, said:”This deal is a further step forward in the extraordinary growth process on which we have embarked in Italy. They will help us reach our investors with increasingly broad, effective coverage.”

Giorgio Riccucci, head of private banking market area Italy at Credit Suisse, said: “This deal, along with the recent acquisition of Morgan Stanley’s private banking operations in Italy, will allow us to actively pursue our project of focusing on HNWI and UHNWI clients. In the UHNWI segment alone, we recorded inflows of assets under management of over €1 billion in the first six months of 2014.”