Intesa's Fideuram buys Luxembourg's CBPQ to expand private banking business



© Reuters.

MILAN (Reuters) – Intesa Sanpaolo (MI:)’s asset manager Fideuram has agreed to buy Compagnie de Banque Privée S.A. Quilvest (CBPQ) in a deal aimed at expanding the private banking business of Italy’s biggest lender in Luxembourg and Belgium.

Fideuram said on Friday the transaction would create a combined entity with 9 billion euros ($10.60 billion) of assets under management in Luxembourg, which is the seven-biggest market for private banking in the world.

The deal follows an alliance Fideuram signed with investment advisory firm Reyl & Cie in Switzerland.

“The acquisition of Compagnie de Banque Privée Quilvest constitutes a unique opportunity for growth in a key European private banking environment and confirms the strategy initiated last year with the partnership with Reyl,” Fideuram Chief Executive Tommaso Corcos said in a statement.

Fideuram plays an important role for Intesa, whose business model is geared towards fees earned through wealth management and insurance. This has helped Italy’s biggest bank cope with the challenge that negative interest rates pose to banks’ core lending activity.

Fideuram has been advised on the deal by Pedersoli on legal issues, PwC and MC Law and Winston&Strawn for due diligence, and PwC Strategy for strategy. JPMorgan (NYSE:), Clifford Chance and PwC Luxembourg supported Quilvest Wealth Management, CBPQ’s owner.

($1 = 0.8490 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

See also  Shake Shack Gains As Goldman, Wedbush Upgrade Citing Room For Growth  

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here