La Française Bank has signed a strategic partnership to transfer its Luxembourg private banking business, including existing accounts and assets under management, to Banque Havilland.
Banque Havilland said that the transfer will be effective from the end of May 2014.
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Under the deal, all assets will be deposited with Banque Havilland while La Française Bank will continue to manage existing discretionary mandates.
Additionally, La Française Bank client relationship managers will move over with their clients to Banque Havilland to ensure a continuity of service.
Patrick Rivière, managing director of La Française Bank, said: "In line with La Française group’s overall development strategy for its private wealth management business, La Française Bank has refocused its international Private Banking activity on servicing Private clients through third party discretionary asset management.
"Together and within the terms of the partnership, La Française Bank will be in a position going forward to continue to offer bespoke private banking services that combine the expertise of both groups."
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By GlobalDataJean-François Willems, CEO of Banque Havilland, added: "From Banque Havilland’s point of view this transaction is perfectly aligned with our strategy to expand our UHNW client base in the Benelux region as well as in France and amongst the international French communities.
"Such a partnership will enable us to build a long term presence in these markets. As a relatively new bank we also welcome the ability to provide our clients with a complete institutional-style asset management service which is the strength of La Française."
