Banque Havilland, an independent private bank, has acquired the private banking business of Banque Pasche Monaco for an undisclosed amount.

The acquisition is aimed at strengthening Banque Havilland’s position in Monaco and become it leader in the principality’s private banking sector.

Banque Havilland, through its subsidiary Banque Havilland (Monaco), has also acquired the entire client book from Banque Pasche Monaco.

The purchase brings a geographically diversified client base from markets such as Latin America and Russia, and represents a strong base of local clients as well.

Post acquisition, the Banque Pasche Monaco employees will be transferred to Banque Havilland (Monaco).

Banque Havilland CEO, Jean-François Willems, said: "We are very excited about this acquisition as it truly supports our strategy to build a private banking business which targets sophisticated international clients with complex investment and wealth structuring needs who are looking for discretion and exceptional service."