Luxembourg-based private bank Banque Havilland and Banco Popolare Societa Cooperative have purchased 100% of the share capital of Banco Popolare Luxembourg following the receipt of approval from appropriate supervisory authorities.
This acquisition will allow Banque Havilland group to expand their UHNW client base in Europe.
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The deal will provide for a continuity of services for both the private and institutional clients of Banco Popolare allowing them to retain their investment relationships, Banque Havilland said in a statement.
Additionally, the transaction will also add further strategic capabilities to the bank in the form of a platform to service investment funds and institutional clients.
Banque Havilland CEO Jean-François Willems said: "The acquisition of Banco Popolare Luxembourg S.A. will reinforce our position in the European wealth management market and importantly for us it will provide a platform for delivering fund.
"This is a logical flow from our private banking services, in response to our client’s demands and their increasing appetite for investment fund products."
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