Italian banking group Intesa Sanpaolo has agreed to acquire Swiss group Morval Vonwiller Holding (Group), which also includes private bank Banque Morval.

The deal, whose financial terms were not disclosed, is subject to regulatory approvals.

Intesa said that the deal is part of its plan to expand its private banking activities in international markets. The transaction will offer a Geneva presence to Intesa, which already has operations in Lugano, London and Luxembourg.

The Zanon di Valgiurata family, the Group founder, will retain their position as minority shareholders following the takeover. Members presently involved in the Group’s management will also continue to do so.

“This initiative will provide strong benefits to the customers and employees of the Group, offering the combined advantages of Banque Morval’s positioning as an international private banking boutique and Intesa Sanpaolo’s status as a leading European financial institution,” Intesa said in a statement.

Banque Morval offers wealth and fund management services. The bank is based in Geneva and also has offices in Lugano.

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