Swiss bank REYL & Cie acquires Öhman Bank Luxembourg, the Luxembourg subsidiary of Swedish financial group Öhman Group.
The family-owed Öhman Group offers fund management and discretionary portfolio management to institutions, insurance companies and wealthy individuals. It has maintained a Luxembourg subsidiary since 2006.
REYL & Co will acquire all of the outstanding capital of Öhman Bank S.A., subject to regulatory approval, in the first quarter of 2019.
REYL has maintained a presence in Luxembourg since 2009 through its private office and Prime Solutions S.A. The acquisition will boost REYL’s assets under management by EUR 800 million.
Commenting on the deal, REYL’s CEO, François Reyl said: “This acquisition complements REYL both geographically and culturally, bringing us new and extensive knowledge of Nordic markets, which we believe can become an interesting component of our future growth strategy.”
The financial terms of the transaction are not disclosed. Deloitte SA served as financial advisor to REYL & Cie Ltd in the transaction.