Intesa Sanpaolo Buys 69% Stake in Swiss Bank REYL
05 Octubre 2020 - 6:51AM
Noticias Dow Jones
By Pietro Lombardi
Intesa Sanpaolo SpA's private bank arm has reached an agreement
to buy a 69% stake in Swiss-based bank REYL & Cie SA.
Under the agreement, Fideuram-Intesa Sanpaolo Private Banking
will move the assets of its Swiss bank subsidiary Intesa Sanpaolo
Private Bank (Suisse) Morval to REYL, creating a private banking
group with almost 400 employees and assets under management of more
than 18 billion Swiss francs ($19.55 billion), the Italian bank
said Monday.
The deal, the financial details of which weren't disclosed,
should be completed in the first half of next year, subject to
regulatory approvals.
Francois Reyl, Pasha Bakhtiar, Nicolas Duchene, Thomas Fontaine,
Christian Fringhian and Lorenzo Rocco di Torrepadula, REYL's
partners, will keep a significant stake in the bank.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
October 05, 2020 07:36 ET (11:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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