Swiss-banking group Banque SYZ & CO has acquired 64.3% stake in Italian bank Banca Albertini Syz & C.
With assets under management of CHF3.3 billion, Banca Albertini Syz & C. was established via a partnership agreed in January 2002 between Syz & Co and the Milanese group Albertini. It has offices in Rome, Bologna and Reggio Emilia.
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Banque Syz, which already holds 50% stake, increased its stake by acquiring the shares of two of Albertini’s Italian shareholders, Giampaolo Gamba and Ernesto Marelli.
Following the acquisition, they are staying on as directors and continuing their present activity within the bank. Alberto Albertini retains the remaining 35.7% of the capital.
Banque Syz co-founder, Alfredo Piacentini, said: "This operation enables us to speed up integration of the group’s Swiss and Italian expertise in a market with a great growth potential for highly specialized and professional entities like ours.
"Our aim is to make the most of the opportunities that arise in an environment of far-reaching changes in Europe."
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By GlobalData
