Lombard International Assurance, a provider of life assurance wealth structuring solutions, has agreed to acquire Zurich Eurolife’s private banking solutions business in Luxembourg.
Subject to regulatory approvals, the transaction is scheduled to close in the first quarter of 2016.
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Lombard International Assurance said that its European partner networks will deliver continued support to the clients impacted by the acquisition.
This deal is expected to further expand Lombard International Assurance’s presence in Europe.
The presence of a branch office in Milan and a representative office in Rome is a further guarantee of its commitment to customers and distributors in Italy.
Lombard International Assurance provides multi-jurisdictional wealth planning solutions to HNWIs and their families across Europe, the US and Latin America.
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By GlobalDataLombard International executive chairman John Hillman said: "This transaction further demonstrates Lombard International’s leadership position and commitment to the market."
Zurich Eurolife CEO Xavier Nevez said: "The decision to sell our Private Banking Solutions Business in Luxembourg is in line with Zurich Insurance Group’s strategy to focus its investments on businesses and markets where it has a strong and competitive position. In Luxembourg, we continue to focus on corporate risk and savings solutions."
